The instruments of a good estate plan may be interrelated in several different ways. Estate planning elements such as powers of attorney, living trusts and death beneficiary forms often contain conditions that affect one another. If these elements are not in harmony with each other, it may lead to confusion and possibly litigation after your passing.
When most Denver residents hear the word "charity" they likely think about a cause to try and cure a disease or protect an endangered animal. However, charities also have a role to play in estate planning. People who have significant assets that they want protected can shield them with a charity. The charity provides tax protection, making their estate more valuable in the end.
When discussing the process of estate planning, the idea of focusing on the implications of your decisions comes up a lot. We consider the best way to avoid taxes or probate, and choose a trustee we can rely on 100 percent. While these are certainly important things to take into account, it is important also to consider the emotional ramifications of your decisions.
Many people in Colorado don't understand the importance of having a will despite the many benefits of having one. Creating a will is an essential part of estate planning and to put it simply, everyone should have a will.