Like so many other people, you might think about naming your spouse as the executor of your estate, but that may not be the best decision.
In some cases, estate planning for Colorado residents may not be as straightforward as deciding to whom assets will be left. It may be necessary to consider whether beneficiaries have creditor issues that will affect their ability to inherit property.
Some people in Colorado might avoid creating an estate plan because they don't want to address mortality or feel that they don't need a will. However, there are a number of different aspects to estate planning. It's not just about what happens to a person's assets after death. Estate planning also deals with issues such as end-of-life care. An estate plan can help family members by making a testator's wishes clear.
Colorado business owners and others throughout the country may benefit from including their companies in their estate plan. For instance, thinking about an estate plan may make it easier to create a succession plan. This may include training a new generation of leaders or creating a manager role that is separate from the new owner. Succession planning may also mean bringing in outsiders to help run the business.
Everyone needs an estate plan, but many Colorado residents probably don't have one. Statistics indicate that more than half of all Americans don't have wills, which are the most basic of estate planning documents.
Individuals who have a high net worth have a particular need for qualified estate planning. Complex asset portfolios require specific and strategic management. One of the most common errors that individuals make is simply not creating a comprehensive plan for their asset distribution in advance.