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3 ways having a baby can jump start your estate plan

Having a baby is a life changing event. Not only does this new addition convert a couple into a family unit, but the little bundle of joy may also impact how the couple views the world around them. If the financial impact of raising a family has not yet become a reality, this truth will become apparent after receiving the bill from the hospital for the labor and delivery process.

Understanding Wills & Estate Planning

Formally known as a last will and testament, a will is an important component of planning any estate properly. A will is a legal document which serves to allocate a person's assets, finances, and property upon their death.

Grounds for Contesting Wills

If you feel a will written by your relative has been created through unfair means, you have the right to hire an attorney and protest the will in court. Under the family protection law, you can apply to family court or a high court asking for compensation if you have been left out of the will of the deceased when you are the husband, wife, civil partner, child, grandchild, dependant step child or parent in relation to the deceased. The court will examine your claims and then make a decision as to whether the deceased had an unfulfilled moral duty towards your maintenance or support.

Here's why you should have a will

Making a will is one of those things in life that's easy to put off. You either think you're too young to have a will or the very idea of thinking about your eventual death and its repercussions is too much to take. As hard as it might be, having a will is one of the most vital things you can do for your family and for yourself.

Some reasons why your will needs an update

Wills are an essential part of any estate plan. The will is a document that allows the grantor to pass on his or her earnings and assets over his or her lifetime to family members, loved ones and other beneficiaries. Without one, a person's estate goes through the traditional probate process as set by default rules and laws. This can lead to their last wishes not being fulfilled, or tax problems that could have been addressed otherwise.

4 ways to simplify estate planning

It is not necessary for one to be rich in order to benefit from estate planning in Colorado. Estate planning is not as complicated as many people perceive it to be either. Taking the time to ensure all assets and valuables are distributed according to one's final wishes is one of the smartest moves anyone can make.

How can I keep my children from fighting over my estate?

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.

Why estate planning is so important

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.

Debts and estates

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.

Estate planning and inheritance: Preventing family conflict

In Colorado, inheritance issues are often a source of contention among family members. Along with creating internal conflicts, inheritance disputes can lead to lengthy and expensive court battles. Fortunately, there are ways to prevent these issues and to limit the amount of conflict that ensues between family members.

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