Many people in Colorado consider their pets a part of their family. When it comes to estate planning, pets should not be forgotten. There are several ways pet owners can draft their estate planning documents to ensure that their pet is cared for after they are gone.
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.
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.
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.
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.
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.
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.