If you are a parent who has been fortunate enough to accumulate wealth and property throughout your life, you probably have wondered how you will pass it on. Talking about money with your kids can seem awkward. They may not be aware of the family's wealth, and you may not want to give them a disincentive to achieve their fullest potential on their own.
As with most assets, individual retirement accounts are best left to whomever is most deserving or would derive the greatest benefit from the ownership of the asset. People in Colorado who have IRAs often leave them to spouses, children or charities. The tax consequences and other implications of a bequest may be different depending on who gets the asset, and it's important to avoid mistakes with what can be a person's most valuable property upon death.
Many people in Colorado shy away from talking to their family members about estate planning issues like inheritance or powers of attorney. Although all parties might find the subject uncomfortable, clear communication could lead to decisions that prevent hard feelings and reduce burdensome legal paperwork when someone dies.
In case they become unexpectedly incapacitated, Colorado residents should have certain provisions in place to ensure that their financial affairs will be properly managed. This entails having a power of attorney as part of their estate plan.
Using an online legal site to create a basic will may be worthwhile for Colorado residents with simple estate planning needs. However, it may not be ideal for those who have complex needs or who don't want to overlook key details. In many cases, an individual pays for an attorney because that person understands what to look for when creating an estate plan.
For the many Colorado residents who do not own their own home or have a large number of assets, getting an estate plan together may not be their highest priority. However, the real goal of an estate plan is not just to protect assets, but also to ensure that the kids and loved ones are protected and ensure that a person's final wishes are carried out if something should happen.