Are you listed as someone's guardian if

[Deleted]

their parents die? And to make it MM, do you know if they have something financial set up to cover their children's costs?

I am listed as the guardian for a friends 2 children. I was young when I agreed to do it, so I have no idea if there would be enough money for them to go to college, etc (they are 13 and 15 already).
H is listed as the guardian for both of his sisters kids & they just have small life insurance policies thru their respective jobs.

[lishie]

No. I listed my sister as guardian of our kids if something happens, and have our life insurance payable to her to go into a trust for our kids. We each have a $1 million policy, and she knows that, and I would hope that $2 million plus our current assets would be enough for her to raise the kids.

[liveintheville]

We are listed as 2nd tier guardians. The friend's sister is listed first. But in the event she was not around it'd fall to us. And yes their kids are covered.

We wish our friends to be their guardians if anything happens. There'd be some money but no million dollar life insurance policy (we're not very insurable.)

[hannamaren]

We are listed for SIL kids. She has a million dollar policy and stil has a lot of her husbands policy left. She also owns a home which would be left to us too.
She has their education fully funded annually.
She is very organized. Maybe because she is a single parent.
We have talked about it but we still must write it down and tell the people involved!

[honeybee]

I'm listed as guardian for my two nephews.

They don't have college funds and since my sister and her husband don't have money I doubt I'd have much help. Selling their home would be about it. But, they're my nephews and I'd figure it out and make it work for them.

[my4girls]

yes we are listed as guardians for a friends 2 kids. they have life insurance I know and 529s that are pretty well funded for the kids already.

[Deleted]

I am but she's 19 now so am I off the hook? I don't know exactly but if both my parents died I would probably sell their house and use some of the proceeds to pay for my little sister's education. I'm also the Executix so I think I could do this.

[Jem]

DH and I are, but the child is not here yet. As part of their adoption process, my brother and SIL had to name guardians for the child they hope to adopt someday (hopefully someday soon!). Since this is still a TBD thing, I have no idea about the $ aspect and haven't asked.

[anna7602]

Yes, but they are now all officially adults (my siblings are a lot older than me). I never thought/asked about the financial contingency plan. This was all decided when I was young and had less expenses and had no idea what it actually costs to raise a child, so I figured I would just deal with it.