An estate plan is a set of testamentary documents that provides instructions to survivors about how the decedent wished to distribute the property and assets in their estate. Colorado residents of all backgrounds and walks of life should have estate plans to ensure that their end-of-life wishes are honored in the event that emergencies or other unexpected events curtail their lives. Estate planning attorneys can assist readers who are interested in pursuing this type of legal work.
Many people in Colorado include a revocable trust in their estate plan. Revocable trusts can be useful in estate planning, since they provide a means for preserving a person's assets to hand down to trust beneficiaries upon the grantor's death. Moreover, unlike irrevocable trusts, grantors can modify a revocable trust during their lifetime. However, it is important to understand what exactly a revocable trust can and cannot do.
Starting a new job in Colorado can be exciting, but one part of a new job is filling out a lot of paperwork, such as tax forms and corporate policies. And, you may have signed up for the benefit packages that came with your job, such as life insurance, retirement accounts and stock options. When doing so, you may have chosen a beneficiary and a secondary beneficiary who would receive these assets upon your death.
When a person in Colorado Springs starts developing an estate plan, they may initially think of what assets they want to pass down to their spouse, children and other loved ones. However, they may not initially think of what will happen to their pets if they pass away before their pet does. Our furry friends need protection in such times, so those undergoing the estate planning process will also want to address how they want their pet cared for if their pet outlives them.
Transfer on death (TOD) accounts go by many names. Sometimes they are referred to as Totten trusts or as payable-on-death accounts. What a TOD does, though, is provide a means for a person in Colorado to pass on assets to their spouse or another loved one in a manner that is simple, making them an important and attractive part of a well-rounded estate plan.
Actor, Luke Perry, made famous by his work on the 1990s teen television drama, "Beverly Hills 90210," tragically passed away from a stroke earlier this month. He was only 52 at the time of his death. He leaves behind a fiancé, two adult children, his mother, siblings and other loved ones. His loved ones, along with his fans in Colorado and across the nation, will feel his loss keenly.
It is not unusual for a married couple in Colorado to have children, and then later divorce. Sometimes, one or both parents will remarry, creating a blended family. While it is generally good for people to end a marriage that is simply not working out, and for these individuals to find love again when their children are grown, estate planning when it comes to blended families can be complex.
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.
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.