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.
When a person in Colorado dies without leaving behind a will or trust, this is known as dying intestate. What this means is that the deceased's estate will go through the probate process. Because there is no document stating who the deceased wants to inherit their estate, state law determines who is to inherit.
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.
Some legal processes that may seem well-known can actually be quite complex. For example, many people may have heard of the term probate but they may be surprised to hear that there are different types of probate processes. Colorado has three types of probate processes. These processes apply to both wills and intestate estates.
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.