If one has a child, it is often the case that they want their child to inherit their assets when one passes away. Therefore, those with children may execute a will or trust to ensure this happens. However, estate planning is important for anyone, including those who do not have children. This is because without an estate plan, the state will determine who will inherit one's assets and make decisions on their behalf.
Therefore, childless persons in Colorado should still execute a will or trust. This way, they can ensure that a beloved relative or friend inherits their estate or that their estate go to a favorite charity following their death. But, a comprehensive estate plan includes more than just a will or trust. It can also address end-of-life issues regarding health care and finances.