In Colorado, many families hesitate to begin the process of estate planning due to avoiding talking about loved ones’ eventual deaths. In addition, they also fear the process of estate planning, thinking that it is too complex for them. By being methodical and approaching it step by step, families can meet their estate planning needs.
After any major life event, families need to be thinking about their estate plans. A birth or a wedding should either be a prompt to create an estate plan or make the necessary changes caused by the life event. Estate planning begins with education and identifying the objectives of the plan. Families should make a list of what they want to accomplish and the potential people who would be involved in the estate plan, such as fiduciaries and beneficiaries.
Taking stock of insurance and being familiar with what is covered is an essential part of crafting an estate plan. After that, families can begin to design the plan in accordance with their objectives. At some point in the process, families should consult an estate planning attorney because there are many legal requirements of which many people are unaware. After that, the estate plan is signed and put into effect. Even after the documents are signed, families must review the estate plan periodically based on any changes to their life situation or even their assets.
Mistakes related to one’s estate can have drastic consequences as courts will look to the documents as they have been executed if matters ever end up there. Thus, it is critical to get the estate plan right. This is where the help of an estate planning attorney is crucial. Families opting for DIY estate planning put themselves at risk of making an error. Then litigation could introduce more stress during a time that is already difficult.