Estate planning involves several tasks to prepare your estate in the event of your passing. It is also supposed to give a roadmap on how to treat your assets. Part of it is creating a will, which means distributing assets to your living dependents.
Speaking of dependents, you also need to choose a guardian for them. Here are some considerations before you finalize the plan:
Choose Someone You Trust
You may have a team of estate planning lawyers to help you come up with options, but the final decision is yours to make alone. Choose someone in Colorado you trust to take care of your dependents–someone you would have no problem trust with your own life. This person could be your partner, your parents, your sibling, or even your best friend.
Choose Someone Your Dependents Trust
You’re planning this to make sure your dependents are taken care of even after your death. It only makes sense to leave them in the hands of someone they trust. When making your final choice, you should consider the people who are closest to your dependents and who have their best interest at heart. The estate is for them to enjoy, not for your chosen guardian to take for themselves. Though this isn’t as dramatic in real life as what you see in TV shows, you are still legally entrusting your assets to the guardian until your dependents can decide on their own.
Choose Someone with a Good Record
Don’t let trust blind you. If your option has a police record, especially when it comes to the improper handling of their finances, it might spell disaster for everyone if you go with them as your dependents’ guardian. A thorough background check needs to be conducted, and even that may not be enough. If you can, choose two dependents to distribute the responsibilities to two people.