Selecting a guardian for your minor children is an important part of Colorado estate planning. It goes without saying that this decision can greatly affect your children’s future.
Keeping a few tips in mind can help you make the best choice for your family.
1. Consider personal values and beliefs
Look for someone who shares similar principles to yours, especially regarding child-rearing, education and religion. This alignment can ensure a smoother transition for your children during what could be a challenging time.
2. Evaluate parenting style and skills
Assess the potential guardian’s parenting style and skills. Look for someone who is nurturing, responsible and patient. Consider their experience with children and their ability to provide a stable and loving environment.
3. Assess financial stability
Financial stability is another factor to consider when selecting and naming a guardian in your will. Fortunately, you can take measures to alleviate the financial burden on guardians if they have to take in your children one day. For example, trusts and life insurance policies can help.
Ensure that the individual or couple you choose is financially responsible and able to use their own resources or the tools you set up to provide for your children’s needs, including housing, education, and health care.
In Colorado, the total annual cost of raising a small child is $25,169. Discuss financial arrangements and expectations upfront to avoid misunderstandings later on.
4. Consider geographic location
Ideally, you want someone who lives relatively close to your current residence or who is willing to relocate if necessary. Proximity can facilitate continuity in your children’s lives and make it easier for them to maintain relationships with extended family members and friends.
5. Discuss willingness and availability
Hold an open and honest conversation with the potential guardian(s). Discuss their willingness to take on the responsibility of caring for your children and their availability to do so. They need to fully understand the commitment involved and be able to step into the role if needed.
Planning for the future can provide peace of mind knowing that your children will be in good hands, no matter what happens.