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A common misconception in Colorado and across the nation is that young people do not need to worry about planning what happens to their estate until they are older. In fact, this could not be further from the truth.
A recent report from USA Today states that 58 percent of adults in America have no will or trust in place, and among parents with minor children, the number was a staggering 64 percent without a formal estate plan in place. Among older Americans, age 53 and higher, many more have made arrangements for their financial futures. Sixty percent of those between the ages of 53 and 71 have completed a will or trust and 81 percent of Americans over the age of 71 have arrangements in place. Those who have young children especially need a will in place to ensure that in the worst case scenario a guardian has been appointed who is able to properly care for them.
Some people believe that they do not need to bother with estate planning if they do not have a lot of assets, but ignoring the need for a will or trust could be very taxing for the family of a loved one lost too soon. According to MarketWatch, being organized and planning ahead is one of the most loving things a person can do for their family if they are to die suddenly. This can including compiling important documents and passwords, as well as taking the legal steps to finalize a will and trust to make sure last wishes are known. Taking these steps eases the burden on relatives who may have difficulty finding the documents they need to get everything settled.