According to a 2017 survey, only 4 in 10 American adults have estate planning documents.Wills and estate planning are associated with old age, and it's all too easy for us to convince ourselves that we can put off estate planning for decades to come. Unfortunately, avoiding conversations about death doesn't actually ensure immortality, and none of us can know when estate planning documents might be necessary.
One thing that single parents in Colorado should make a priority is estate planning. Even though the thought of not being around for their kids is not a pleasant one, the idea of having the courts choose someone random to raise their kids is even more distressing. Careful consideration should be given to the distant future so they can make plans to protect their children.
Many people in Colorado believe that they can keep their loved ones from fighting over their inheritances with estate plans. Unfortunately, death and inheritances often bring out the worse in some people. One common reason why some individuals fight over a loved one’s estate is that they are not happy with the person who is in charge of managing it.
As a lifelong resident of Colorado, it is not enough for you to just create a will to protect your assets. You need to make sure your plans are dispute proof. Rushing through the estate planning process can lead to mistakes that can result in your final wishes being ignored.
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.
Drafting a will is widely considered to be a significant act that every property owner should implement during their lifetime. Saying Wills aren't important would be an understatement of the year, especially with the rising cases of property feuds. When you think of preparing a will, safeguarding the interests of each beneficiary primarily acts a guide in your decision-making. If you die, the will instrumentally directs how inheritance issues should be solved. After all, heirs are entitled to a legitimate use of inherited property.
At the Arvada Law Offices of Karen Brady, P.C., we create comprehensive estate plans for our clients. As we have previously blogged, the revocable living trust is a vehicle that can allow you to bypass the probate process in Colorado state court as well as provide a seamless way to have your assets managed without court involvement should you become incapacitated.
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.
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.
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.