Do New Colorado Parents Need an Estate Plan?
Protecting your new family from the complications that come with incapicity or death is an important task. A Colorado estate plan will enable parents to gain peace of mind and protect the future of their surviving spouse and children. Be assured that an estate plan is not just about wealth preservation. For young families, it’s about care, protection, and ensuring that your children are always looked after.
How to Nominate a Guardian for Your Child in Colorado Springs and Falcon
Nominating a guardian for your minor children is always a good idea. While unlikely, catastrophic accidents sometimes occur and every parent wants to ensure that their children will be raised by someone who shares their values. Don’t let a Colorado Court make that important decision for you. By formally naming a guardian, you retain control over this important decision. You can choose someone who shares your values and parenting philosophy.
El Paso County Probate Disputes Follow Deaths Without a Will, Trust, and Other Estate Planning Tools
In El Paso County, it is common that many families experience avoidable conflicts when the deceased failed to have a Trust, Will, or other document directing the appointment of a child guardian. If a couple or single parent dies in a tragic accident, a court will look to the wishes of the deceased to determine where children will be placed. If there is no guidance in a Will or Trust, the court will be left to make the decision among competing parties who all feel their care is in the best interest of the children. It is essential that parents make an appointment for the benefit of their children before an unexpected tragedy.
Colorado Estate Plans Include Powers of Attorney and Health Care Directives for You
Colorado Estate planning with Powers of Attorney and Healthcare Directives also protect your family if you become incapacitated. . As a Power of Attorney can direct and name a guardian for a period of your incapacity. Signing a power of attorney with minor guardianship provisions will ensure your wishes for who will care for minor children if you are disabled. We all need to think about who will care for us and, most importantly, for our children in the event we become disabled and are unable to make important decisions. Powers of Attorney and Healthcare Directives direct trusted individuals to make medical and financial decisions on our behalf, or our dependent’s behalf, if we are unable to do so. For parents, this ensures someone you trust can access funds to care for your child, manage household expenses, and make necessary decisions without court involvement. For the disabled person, you’ll also receive medical care supporting your choices and values. Without these documents, your family may be forced to pursue a conservatorship or guardianship for your care or for your minor child’s care through the El Paso County court system.
Why You Might Need a Conservator for Children in Colorado Springs and El Paso County
Following a death, simply leaving assets to a child is not enough. Under Colorado law, minors cannot directly manage inherited assets. Without proper planning and the appointment of a minor Guardian, your children will rely on a court to appoint someone to manage their new found wealth until they are old enough to make their own decisions. A Conservator will allocate funds and make frequent decisions on behalf of the child until the child reaches adulthood. This can be an expensive and time-demanding process, often with ongoing and invasive court supervision and legal fees. A properly structured trust allows you to appoint a trusted person to manage assets for your child, use funds for their support, education and the continued investment of those resources over time. A trust also allows you to decide when and how your child receives their inheritance. Rather than receiving everything outright at age 21 (or potentially even sooner), you can create thoughtful guidelines that provide support at key stages of accomplishment and development. This approach will help protect your child from financial mistakes as they mature. A strategic approach may also protect your child’s inheritance from a creditor, lawsuit, or future divorce.
Schedule an Estate Plan Review with a Colorado Springs Estate Lawyer
For families in Colorado Springs, estate planning is one of the most meaningful steps you can take for yourself and your children. If you are a new or expecting parent in Colorado Springs, creating an estate plan is one of the most important gifts you can give your child. To learn more about wills, trusts, and guardianship planning in Colorado, contact Equinox Estate Planning today at 719-301-0642 to schedule your estate plan review and ensure your legacy is protected.
Working with a Colorado Springs estate planning attorney can help ensure your Will, Trust, Powers of Attorney, and beneficiary designations are fully aligned with your current wishes and Colorado law.
Contact Equinox Estate Planning today at (719) 301-0642 or click on the link below to schedule your estate plan review and ensure your family, assets, and legacy are protected.