Estate Planning For Single Parents In Colorado
As a single parent, it is your responsibility to ensure the well-being and care of your children at all times. You have the ability to appoint a guardian in the event that anything should happen to you while your children are still minors.
Some single parents may not have the option or desire to have their child’s biological parent take custody of their child if something were to happen to them. Even if your child’s biological parent would be a suitable guardian for your child, you may want your financial assets entrusted to someone who you trust will use your assets for the benefit of your child in the way that you would want it to be used.
Prevent Your Child From Being Taken Into Custody By Someone You Do Not Want
If something were to happen to you where you become incapacitated or suddenly pass away, your child could end up in the custody of a stranger even if it is just temporary. A relative could petition the court to take care of your child who has different ideas of parenting than you do.
Choose A Guardian For Your Child
No matter what your situation is, as a single parent you may wish to ensure that your child is taken care of by a guardian of your choice with instructions on how you wish your child should be raised if you are not there. At Colorado Wills and estates, we will discuss your options and help you implement your choice of who you would want to be the short-term and long-term guardians of your child.
You should also consider whether the same individual who cares for your child on a daily basis should also manage the financial resources you have set forth for your child’s care.do.