Colorado Estate Planning And Estate Settlement Legal Blog

If you have already written a will, you might think that you have done all the estate planning you need to do. However, creating an estate plan and letting it gather dust for 10, 20 or 30 years is one of the biggest mistakes people make with their end-of-life decisions. Whether you have a will, living trust or a health care directive, you need to periodically review these documents to make sure they still reflect your wishes.

Most estate planners recommend that people review and update their documents every five years. In addition, there are some life events that should trigger you to take action and make any necessary changes to your estate plan.

Your parents got into an inheritance dispute years ago. You watched as siblings argued with one another and said things they could never take back. You watched the whole process drag out in court. You watched as family members stopped talking to one another, even for years after the legal battle had ended.

In setting up your own estate plan, you have one goal: no disputes. It is not that nothing else matters, but that goal is more important than anything else. You do not want to see the estate push your own children apart the way it did to your parents. You have always valued your close-knit family and you want to preserve it in every way that you can.

In general, the probate process can end up being very long and complicated. In some cases, probate can last for years and be costly for the estate. For example, if you live in Denver and pass away without a solid estate plan, your property could end up in probate. The longer it spends in probate, the less there will be to pass on to your heirs and beneficiaries. This is why it is important to take steps to avoid probate or at least drastically limit the time your estate spends in the process.

Fortunately, there are several options available to keep your property far away from the probate process. For instance, you can transfer your property into a revocable living trust or even make a gift of it prior to your death. You can also transfer your property through joint ownership or by naming death beneficiaries.

If you have a comprehensive estate plan, you will have powers of attorney in place in the event you can no longer make decisions for yourself. However, just because there is a plan in place, it doesn't mean everything will go smoothly.

When your wishes collide with the feelings of family members and healthcare professionals, even the best-laid plans can go awry. It's possible that your family will ignore your choices, which can lead to courtroom disputes that you will have no power to stop.