In Colorado, if parents are unable to care for their own children and they have not nominated a guardian, then the probate court will decide who shall raise the children. Parents can nominate a guardian for their children when creating a Last Will and Testament.
Parent should also select a Trustee to manage property on behalf of their children. Parents may choose the same or different people for the role of Guardian and Trustee.
Leaving assets in trust for their children allows parents to choose who controls how their assets are disbursed. The parents may choose to distribute the assets once a child is 18 years old, or set a different timeline or other conditions for disbursements from the trust. By placing assets in trust, the parents are able to protect their assets from bring lost due to their children getting divorced or sued.