KLG is not as good an option as Legal adoption. It has risk of uncertainty for the child which can leave anxiety on the table as well as lack of commitment to the kid.
Court orders take over and if something happens to the KLG the child is not entitled to either inheritance or is just taken away. If the KLG is unable to adopt then the possibility of its permanence seem highly doubtful. Why wouldn’t they adopt ? are they not committed? or not able to for financial other risk factors?