There are numerous aspects of estate planning you need to consider when you see an attorney to draft the essential documents. According to The Denver Post, some of the most important items to take care of include joint tenancy ownership, beneficiary designation and a business succession plan.
Living trusts may be useful for people in Colorado in a number of ways. With a living trust, assets will not go through probate and will instead be passed directly to beneficiaries or will remain in the trust according to a person's instructions. A successor trustee may be able to manage the trust if a person is incapacitated. A power of attorney may make it easier for the trustee to step into this role.
Colorado residents should take time to review their estate plans or have them reviewed by an attorney who practices estate planning law. Estate plans that are not periodically reviewed may contain outdated information and not be effective as people may think.
As people grow older and go through major life events, these changes can often bring the thought of estate planning to the forefront. By creating a plan for what will happen with one's assets and property after death, a person can help to avoid excessive costs and pain to their family members and other loved ones as well as avoiding expensive probate fees after the fact.
Colorado residents who are creating an estate plan might want to think about whether or not they want to try to avoid probate but it is not always a clear cut choice. Probate makes an estate plan public, so someone who is concerned about privacy might want to use beneficiary designations, a living trust and other tools to keep matters private.