Estate planning is incredibly important in Wheat Ridge and Jefferson County. It’s vital to taking care of your loved ones and making sure your wishes are honored should you become incapacitated or pass away. It’s basically an instruction guide as to how you want things to be handled. Estate plans not only provide you with peace of mind, but it is so helpful for those loved ones left behind. Let’s look at some common misconceptions and mistakes to avoid related to Estate Planning in Colorado.
Misconception 1: You Are Too Young for a Will in Arvada
Any adult (person over the age of 18) should have a will in place. If you don’t have one, the state of Colorado gets to decide what happens to your property. While your family is grieving, the last thing you want is for them to have to fight against the government or struggle to figure out what you would have wanted.
Misconception 2: You Never Have to Change Your Will Once It’s Done
While your original will serves as a great starting point, as you get older and your life changes, it’s likely that your estate situation will change as well. This means that you should update your estate plan periodically to reflect the stage of life you are in. For example, if your first plan is from when you were single and then you get married, your estate plan needs to reflect that. If you add children to your life, your estate plan needs to include the kids.
Misconception 3: You Don’t Need to Talk About Your Estate Plan with Your Loved Ones in Jefferson County
While it might not be a fun conversation, it’s important that your loved ones know what your estate plans entails. They don’t need every minute detail, but giving a general overview and explaining why you made the decisions you did will help avoid conflict later down the line. It’s especially important that you talk to the people you have chosen to care for your children should you pass to make sure they are ready for that responsibility.
Misconception 4: No Plan for the Kids
If you have minor children, you MUST choose a conservator to care for your children’s financial situation should the need arise. You will likely leave an inheritance for your kids, but they will not be able to access it until they turn 21. You need to choose someone trusted to manage the money until your kids are able to access it.