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Missing the essentials in estate planning

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.

All property should be assessed and recorded properly. This means that the will should be updated periodically to ensure that the right information is recorded in any estate planning efforts. Any investments should be specifically named in a will. All shares should be properly valuated periodically, and its most current value should be identified in the will. Shares could be transferred or sold, complicating the execution of the will when one dies. Any land owned should be tracked as well. Of particular benefit to heirs is the inclusion of a residuary clause, which factors into the estate anything that may have been omitted.

Careful attention to the heirs is a must in estate planning. The estate could be distributed at assigned intervals to children who are heirs to an estate; for example, the heirs might receive distributions of the estate at ages 25, 35, and 45. Guardianship may even be a major consideration. This person can oversee the responsible distribution of the estate. It's important to take into account unique scenarios where it may not be feasible to transfer assets to an heir who has a gambling or substance abuse problem.

Estate planning doesn't have to be taken care of alone. An estate planning attorney may help coordinate all of the moving parts of an estate to make sure that all the heirs receive what they are entitled to when a loved one passes away. Tax responsibilities, distributions of assets and power of attorney should all be accounted for in any estate planning effort.

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