A resident who is executing an estate plan may want to consider including a trust in their estate plan. Trusts can be useful vehicles for passing assets on to a beneficiary. Two basic types of trusts are living trusts and testamentary trusts.
While many people in Colorado may have a vague idea that they'll receive an inheritance from their parents, they may stay more or less in the dark until their parents have passed, and their will is read. However, it is entirely possible to sit down and have a conversation with your parents about their inheritance plans while your parents are still alive, and, in fact there are some good reasons for doing so.
In today's economy, many people in Colorado carry some form of debt. For example, they may have a mortgage, an auto loan or a credit card account. When a person who has debts passes away, the question who is responsible for paying back these debts arises?
It is estimated that in 2017, more than half of all people chose cremation for their funeral planning. This trend is part of a growing movement of environmentally-conscious and economical people who want to include their philosophy in their estate planning needs.
Life is rarely static, and Coloradans can expect that as they age, they will see many changes in their life. Family members may have come into or gone from their lives, they may have worked their way up the corporate ladder and many other major life events may have occurred over the years. It is important, then, that one's estate plan reflects these changes.