Colorado Springs Estate Planning And Probate Blog

If a person in Colorado dies without having a will or trust in place, this is known as dying "intestate." When this happens, the Colorado Probate Code will dictate who will inherit the deceased's assets. This is done through the probate process.

Many people may have heard of the term "probate" and may not have a very favorable view of it. However, probate need not be a lengthy, complex and frustrating process. Attorneys are available to help people in such situations. For example, the legal team at Schroer & Williams Law Offices PLLC, aim to make the probate process as efficient and pain-free as possible.

Developing a trust constitutes a responsible decision, and specific trusts exist to substantially benefit individuals with special needs across Colorado. You want to protect your special needs child by providing assets to them in the future, but you worry that your generous gifts will cause them to lose government funding.

The United States adjusts Social Security Disability and other types of government aid benefits based on income and wealth. Should your special needs child show, on paper, that they received a substantial amount of assets or inheritance after you pass away, the government has the authority to take away all funding to your child. However, if you create a special needs trust, the government cannot use these assets as income when determining whether your child qualifies for aid. Whether you are old or young, developing a special needs trust for your child offers you peace of mind that your child will receive necessary aid when you pass away.

Some people in Colorado may be under the impression that only rich people need an estate plan. In fact, one survey reveals that only 42 percent of respondents had executed estate planning documents. This is significant, as many people in Colorado and across the United States have a general idea of what care they'd like at the end of their lives and who they want to inherit their assets. This is true even of young people or those with modest estates. Therefore, there are a number of important reasons that one may want to execute an estate plan.

For example, estate planning doesn't just address what happens after you die. It can also address situations in which you are still alive but are incapacitated. A health care power of attorney and financial power of attorney can be executed stating who you want to make decisions on your behalf if you are unable to do so.

While some people in Colorado Springs may have already executed an estate plan, it is a mistake to think that estate planning is "one and done." In fact, there are a variety of reasons why it is good to review one's estate plan. This way, a person can ensure their estate plan accurately reflects their wishes as their life goes on.

Let's focus on wills. Many life changes can affect a person's will. For example, new children or grandchildren may be born that a person wants to leave an inheritance to. Or, sadly, sometimes an heir will pass away first. Thus, a person will have to decide what to do with their loved one's inheritance. Marriages and divorces can also affect who a person wants to leave an inheritance to. Therefore, it is important to review one's will periodically, taking these life changes into account.