When it comes to estate planning and retirement accounts in Colorado, the one thing you should try to avoid is making your estate the beneficiary. If you do not name your heirs on your IRA retirement accounts, then probate court will attach them to your estate, leaving it vulnerable to creditors. Not naming your loved ones as beneficiaries on your IRA accounts can also cheat them out the tax benefits and their inheritances.
What happens if you die without a will in Colorado?
If you want to ensure you have a say as far as who is going to receive your assets after your passing, it is essential that you create a will. Otherwise, you relinquish control over your own belongings, and the duty of distributing them falls into the hands of the state.
Why do I need a health care power of attorney?
Many people in Colorado do not realize how important it is for them to establish health care power of attorney (POA) for the times they are unable to care for themselves. Accidents and illnesses can happen in the blink of an eye that could leave you unresponsive and unable to make critical decisions about your medical care. Even though you may want your family and loved ones to step up to make those decisions for you, without the right documentation in place, they may not be able to.
Proud grandparent? How to divide assets among your grandchildren
If you're a grandparent with a large family, you likely take pride in all your grandchildren. As part of your estate plan, you may want to divide your finances and property among those grandkids.
