Many people in Colorado may have seen people in movies or on television reciting, "I, being of sound mind and body..." to execute their last will and testament. However, in general, there are three types of wills that a person could execute: typewritten and witnessed wills, holographic wills and nuncupative wills. Which types of wills are legally acceptable is dependent on state law.
The recent passing of President George H.W. Bush less than eight months after the passing of his wife serves as a good example of what some in Colorado believe to be "broken-heart" syndrome, in which loving spouses die within quick succession of one another. While "broken-heart" syndrome may seem to some to be a mere romantic fancy, there are very real estate planning issues that will arise when only a brief period of time passes between two spouses' deaths. This is particularly true when it comes to beneficiary designations.
Some people in Colorado might execute a will or trust, and then consider the matter open and shut. However, estate planning is truly an ongoing process. There are many reasons why it is good to review your estate plan periodically, to ensure it still meets your needs and wishes, as well as the needs of your loved ones.
When people in Colorado think of estate planning, they may think of an elderly person dictating their last will and testament on their death bed. However, estate planning is critically important to complete early on in life. First, sadly, no one is guaranteed old age, so it is best to be prepared early. Second, estate planning encompasses aspects beyond simply deciding who should inherit your assets. It can address your medical and financial care should you become incapacitated during your lifetime. Estate planning is necessary for people of any age and of any wealth.
If you are a parent of a special needs child, it is important that you have safeguards in place, so they are ensured the best care possible in the future. You will want to make sure that all expenses, unique needs and their education are accounted for. Here are the things you should be ready to prepare in your estate plan that will address your special needs child.