Colorado Estate Planning And Estate Settlement Legal Blog

For most people, the whole point of estate planning is to have control of the legacy they leave behind when they die. For those with substantial assets, complex family relationships or a desire to posthumously contribute to a charity, the creation of a trust is a common strategy for estate planning.

However, there are many different kinds of trusts, and the way that you structure a trust, as well as which people you name as beneficiaries, will impact how easily the trustee can manage the administration of your trust. There are certain issues that you may have to worry about impacting your planned legacy, including the risk of your family members divorcing or winding up in debt.

Losing your loved one can be a painful shock, particularly if you weren't expecting them to pass when they did. As if you weren't struggling enough after the death of someone you deeply care for, you could also find yourself dealing with unexpected complications related to their last will or estate plan. Specifically, some people find themselves disappointed and shocked to learn that their loved one changed their last will late in life in a way that impacts the inheritance of those close to them.

If the deceased party is your parent, perhaps they disinherited you and your siblings in favor of your stepparent. It could also be possible that your family member chose to leave a large amount of money to someone outside of the family, such as the home health aide who provided care during their final months of life.

You worked hard or invested wisely to accumulate your personal wealth over the course of your adult life. From your first savings account to the real estates that you hold as a potential future investment, the assets you acquire have value both in that they mean something to you and that they represent a financial investment.

Typically, you will have paid tax on the income that you used to acquire those assets before also paying tax on the purchase of various items that you own. For many people, it seems highly unfair that those same assets would be subject to yet another tax after they're gone.

The aging process has a way of removing people's autonomy regarding everything from their living situation to their own finances. Individuals who were once capable of performing complex surgeries may no longer be able to dress themselves or choose where they live.

Cognitive decline is another major issue that affects the independence and decision-making authority of older adults. As you age, issues with memory or other important mental functions could give your family the ability to challenge your right to make your own medical decisions.