When engaged in estate planning, individuals and couples often explore a very wide range of options. While typically they will work with professionals to do the planning, it can help to have some knowledge about the options before discussing them. One option is a trust.
Have you thought about who will have legal authority of your children if something happens to you? Many Denver residents don't give this much thought unless they have extensive assets to draw up a will for. Then, while considering who will inherit their assets, they also consider who will be in charge of their children and their inherited assets, such as a trust fund, until the children are of age.
Everyone in Colorado should have a power of attorney in place, no matter how old they are. That said, elderly individuals are especially in need of a power of attorney for obvious reasons -- they are more at risk of suffering a catastrophic health event that could render them incapacitated and unable to make decisions for themselves.
Unfortunately, young people in Colorado and other states, often ignore estate planning. Maybe that is because most young people are just in the highlight, or beginning, of building an estate. But young or old, if you have established any assets at all, you should consider the possibility that something could happen to you.