You are a financially savvy Colorado resident who has set up a living trust to protect your assets while still benefitting from them. You may, nevertheless, have overlooked one document that many find useful. Do you have a pour-over will?
It is not uncommon for there to be disputes in blended Colorado families over estate plans after a person's death, but these are generally clear legal matters. In one case, a woman learned that her father had left her a house although her stepmother had not mentioned this to her.
People in California who are creating an estate plan might also want to think about what they would like to happen to their digital assets such as social media and email accounts, information on flash drives, domains and any cryptocurrency accounts. A person should make a list of all of these accounts and any passwords or encryption keys.
Many people in Colorado want to ensure that their loved ones and families will be taken care of after they're gone. With an adequate estate plan, this goal can be achieved. However, many Americans avoid estate planning, often due to confusion about the process or because of the unpleasant topics and emotions that can be stirred by considering one's own mortality. A 2016 survey claims that more than 64 percent of people throughout the country do not have a will.
Colorado residents who want to make changes to a trust might wonder whether it would be better to amend the trust or create an entirely new one. First, they should make sure it is possible to amend the document. Most living trusts can be either amended or revoked.