Becoming a parent is one of the most exciting experiences of your life, but it comes with some intimidating responsibilities. You are now responsible for ensuring the safety, well-being and happiness of your offspring.
As a Colorado parent, you will likely want to provide for your child in your estate plans. Here are some commonly asked questions about estate planning as a new parent.
Who will take care of my children?
If you want to have a say in who cares for your children if you pass or become incapacitated, you should appoint a guardian in your will. This person will have significant authority over the child, so make sure to choose someone who you trust. If you do not designate a guardian in your will, the decision of who will care for your child will fall to the Colorado courts.
How can ensure my children have access to funds?
Because you cannot list a minor on life insurance plans and many types of investment accounts, you may worry about how to ensure they can access financial help before they turn 18. Consider setting up a trust and designate funds for certain purposes or emergencies that may arise.
Do I have enough life insurance?
Many people rely on employer-sponsored life insurance or small private policies. Once you have children, you may want to reevaluate your life insurance plan and determine if it provides enough financial support for all your children’s needs.
Carefully planning will help to relieve your worries about what will happen to your child if you pass away, allowing you to focus on raising your child in the present.