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August 2018 Archives

Avoiding mistakes made by Prince and Aretha Franklin

Colorado residents and other music fans likely still enjoy the music of Prince and Aretha Franklin even after their deaths. However, they could learn a lesson in estate planning based on the mistakes that the pair made. Neither had a will when they died, and the lack of a will or trust can lead to family disputes or being unable to provide for a child with special needs.

Don't forget digital assets in an estate plan

Investors in Colorado and throughout the country may need to create specific provisions in their estate plan to account for digital assets. For instance, individuals who own digital coins should keep a list of each coin that they have and how much they have. This list should be updated on a regular basis depending on how often they trade. In addition to keeping good records related to digital holdings, they will need to tell others how to access those assets.

Keeping the children in mind during estate planning

A typical feature of an estate plan for the parent of minor children in Colorado is a document about guardianship. This statement tells the court who the deceased or incapacitated parents designated as the legal guardian of their minor children. However, such a plan too often overlooks the immediate aftermath of a tragedy when young children receive the news of the loss of their parents. Their legal guardian might not be immediately available, and a court still has to review the estate plan and make the custody of the children official. Additional documentation from the parents could resolve this situation.

Estate planning myths

Colorado residents should consider the benefits of having even the most basic estate planning documents in place to ensure that their wishes are adhered to when they die, even if getting the right documents to arrange their health, home and financial affairs can be confusing and intimidating. When creating an estate plan, it can be helpful to be aware of common misconceptions about estate planning.

Estate planning can involve many other people

When Colorado residents think about planning for the future, they may often pay more attention to how they distribute their assets than to the people they name to act as their executors or representatives. However, these people can play a significant role in determining whether or not an estate plan is truly successful and the tone of family relations moving forward. While many people may take these decisions lightly, determining who to appoint in these types of positions can be at least as critical as the ways in which a person divides property.

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