When you are planning your estate, you have a number of options that allow you to ensure your loved ones are cared for and financially secure. You might opt for a will or a trust, but there are other options that you should consider. One of these is establishing a payable on death directive that can be distributed upon your passing. According to The Balance, POD accounts are increasingly popular.
Individuals in Colorado and throughout the country can benefit from having a will. However, this not as comprehensive as an estate plan. A thorough estate plan can make it easier for a person to state his or her intentions clearly. That clarity may prevent family members from fighting each other for assets after the estate owner passes away. To increase the odds that a will's instructions will be carried out, the right decision makers need to be put in place.
Individuals in Colorado who are getting divorced will likely experience many changes in their lives. Therefore, it is often necessary for a soon-to-be ex to alter their estate plan. For instance, it is a good idea for an individual to revoke a power of attorney that could potentially give a spouse access to records in their name.
Estate planning for people living in Colorado as well as the rest of the country requires careful attention to multiple issues. Common considerations include the distribution of assets after death, establishing trusts, choosing an executor and end-of-life planning. One issue that sometimes can be overlooked is what happens to collectibles after their owner dies.
People put a substantial amount of effort into planning for everyday expenses but don't take into account the need for estate planning. Colorado residents may make all the necessary arrangements for retirement but still leave gaps when it comes to taking care of loved ones after their passing.