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.
One of the most important goals of estate planning is protection. Estate plans help to prevent complications, confusion and disagreements about who gets what when a loved dies. It also limits the need for probate court to get involved, which can tie up the distribution of an estate for several years.
Another goal of estate planning is peace of mind. The creation of wills, trusts and other estate planning documents allow people to enjoy peace of mind, states South University. Estate planning gives the deceased control over what happens to their assets and can save their loved one’s probate expenses.
Once created, estate plans are not set in stone. They can and should be modified as often as necessary to account for any life and asset changes up until the testator dies. Careful evaluation and planning when creating estate plans are necessary to ensure that all final wishes are upheld and honored by the court and family members.