Colorado residents who sit down to make a will may devote considerable thought to coming up with provisions that make sense and reflect their wishes. However, all that effort can end up for nothing if the will fails due to noncompliance with legal requirements.
Business owners in Colorado may be particularly concerned about their futures. Nevertheless, like many other Americans, entrepreneurs frequently do not have wills. When business owners pass away without wills, the results often mean that the companies do not survive. A business may not find a new, eager owner, and it may be more likely to be sold in order to satisfy an equal distribution of the estate among multiple heirs. When people pass away without having made out wills, state intestacy laws determine who will inherit their businesses.
Despite the importance of wills and other estate planning documents, a lot of people in Colorado do not have these important papers in hand. This can be especially true for pastors. According to one study, half of all Southern Baptist ministers do not have key estate documents, including wills, trusts, living wills, legacy stories or durable powers of attorney. While pastors, in general, may be more concerned with the spiritual aspects of the transition to death, making these plans can be very important for their families' well-being after they have passed on.
When young people in Colorado think about wills and trusts, they may consider estate planning a subject that's largely of interest to older people, wealthy individuals or parents. According to one survey, 78 percent of millennials don't have a will or other estate planning documents. Many young people simply don't see the importance of these kinds of documents. However, if the unexpected occurs, having a will and other documents in place can ease the process greatly for loved ones.
According to a Caring.com survey conducted in 2017, 58 percent of adults in Colorado and throughout the country don't have a will. This can be problematic for a number of reasons. First, an individual no longer has control over what happens to his or her assets or who cares for any minor children left behind. Next, the lack of a will could lead to a greater risk of family infighting over how the estate should be divided.