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.
Fans of Marvel comics and movies may have been saddened to hear of the passing of Marvel creator, Stan Lee at age 95. However, residents of Colorado can learn important estate planning lessons from Lee's passing. This is because it is not known whether he had executed any estate planning documents in light of the complicated relationships he had in his late years.
When a person in Colorado Springs is executing an estate plan, they may fall into the trap of thinking they can just split everything equally between their heirs. While this can be relatively straightforward with regard to bank accounts and other intangible assets, it can be more difficult when it comes to personal property. How does one handle the division of family heirlooms, such as grandmother's wedding ring or a valuable painting? These tangible assets can be more complicated to address in an estate plan. This is because people may not know what these assets are currently worth, and these assets may have a lot of sentimental value for certain family members. That being said, it is just as important to include tangible assets in your estate plan as it is to include intangible assets.
Whether you're a cat-aficionado, a dog-lover or a fan of any other furry, feathery or scaly companion, it goes without saying that most pet owners in Colorado consider their pet to be one of the family. Many people take the step of executing an estate plan for the benefit of their human loved ones. However, pet owners will also want to keep their animal companion in mind when estate planning. After all, there are no guarantees in life, and it is possible that a pet could outlive its owner.
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.
A home’s value can go far beyond just how much it is worth monetarily. Such property can also have a great deal of emotional value in a family. For example, things like a long-time family home, a vacation home or a family farm can have all kinds of positive memories and feelings attached to them.