In Colorado, it is not uncommon for the adult children of a recently deceased loved one to bicker, fight and act negatively towards each other over inheritance disputes. While you are creating your estate plans, one question that may be on your mind is how you can keep your adult children from fighting over your estate? According to A Place for Mom, your children should work on being supportive towards each other instead of bickering and fighting over estate affairs. Their disagreements will only add to any confusion and uncertainty that may be going on.
It is never too early for anyone to start estate planning in Colorado. Estate planning is very important because it does not just protect estates and their beneficiaries, it also protects the final wishes of the testators. According to Investopedia, not having an estate plan can negate any final wishes that the deceased leaves behind. If there are young children involved, the courts can decide who gets custody of them. Other consequences of not having wills, trusts and other estate planning documents include inheritance complications for beneficiaries and the assets being divided up in a manner that the person leaving behind the estate does not want.
Sometimes, when a loved one passes away in Colorado and they leave debts and unsettled financial affairs in their estate, it causes unexpected complications for their family members. Debts do not just disappear when a loved one dies. Depending on the creditors involved and the type of debts the deceased left behind, any outstanding obligations can offset their estate.