Warren, Carlson & Moore, LLP

Niwot, Colorado Law Blog

A will or a trust, which do I need?

Estate planning is something that too few Colorado residents have taken the time to do. They all have their reasons for ignoring it or putting it off, but it is not something one should ignore forever. It is always better to make sure one's wishes are known and assets are protected in the event of one's death. Some people may be confused about the best way to go about it, however. For example, a will or a trust, which is best?

Wills and trusts are very different things. A will is a formal document in which one can designate beneficiaries, name an executor and specify what is to be done with assets. Having a will is a good thing, no matter how big or small one's estate may be. Wills are not perfect, though, as they can be challenged in court for a number of reasons. If this happens, one's wishes for his or her estate may not be fully honored. 

When do you need to change an estate plan?

It can be such an accomplishment to complete an estate plan that many people check the task off their lists and stop thinking about their estate plan altogether. However, estate plans are not intended to be created and then forgotten about.

Estate plans work best when they reflect current laws, your current wishes and your current circumstances. When laws, wishes or circumstances change, it may be necessary to review and update your estate plan.

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