I've learned first hand that this is one of the most important things to do once you have children. My sister, Brother in law, & oldest niece all died in a car crash leaving my youngest niece as an orphan-then 8 years old. They never had anything put into writing as to who they would want to raise their children if something ever happened to them. To make a long story short it left over 4 families running to court to try to get custody of my niece and a judge was the one who had the final say. I now have a daughter of my own and did this not only to make sure my daughter is in the right hands if something happens to me but also to save my family the heartache of not knowing my wishes and having the courts make the decision.

My daughter will go to our friends, it's in our will. We thought about who would be most like us. Also since our parents are older we chose a couple in our age range. We discussed everything when deciding from values to parenting style to who would be most responsible with money.

My Sister (and husband)
My Other Sister (and husband)
My oldest son's Godfather (and wife)

We made a will using legal zoom and asked the people in person as well so they know our intentions. We also put in a clause that the kids can't access any money and the guardians are in charge of finances until they graduate from college or turn 22.