Estate planning has traditionally dealt with inheritance or preserving physical assets, such as a house or family heirlooms. Wills and other important estate documents now must deal with the reality that people transact their business and other parts of their lives online. Addressing digital assets helps assure that family members can access domain names, email and social media, electronically stored media, records and passwords to important accounts.
Some decisions should be made in advance, just in case a person is unable to make them in the future. Proper estate planning helps fulfill this role. This planning should include living wills and other medical directives, which set forth a person's wishes on the care they will receive at the end of their life.
Death is a certainty in the life of all Colorado residents, but most individuals don't like to think about it as something that may happen before they reach old age. The sense that death is something that only afflicts the elderly is a falsity, and young individuals may hurt their wealth if they do not make plans for how such assets will be managed when they are no longer able to do so on their own.
Many Colorado residents work with estate planning attorneys to device ways to protect their wealth for future generations and to avoid the costly process of probate. There are a number of different testamentary tools that can be used to achieve these goals, and trusts are often implemented to support estate planners' needs. Not long ago the United States Supreme Court decided to take on a trust-related case, and its decision on the matter may have major implications for how financially useful trusts are to estate planners.
Readers of this Woodland Park-based legal blog may have been shocked to learn of the sudden passing of actor, Luke Perry. Perry was only 52 when he succumbed to the effects of a massive stroke and died days after being taken to the hospital. While his situation is a tragedy, it is also a good reminder for Colorado residents that the future is uncertain and it can be wise to make important decisions before it is too late.
Thoughts about the future are common as the end of the year approaches. Across Colorado individuals may be making plans to meet 2019 with renewed vigor and a commitment to reaching their goals. However, those plans may be relatively short viewed in the great scheme of things. Many people could benefit from taking a close look at their estate plans and end of life arrangements.
My mother died on Sunday, the 9th of September. She was almost 88 years old. She and my father had been married for nearly 67 years at the time of her death. She was the last of her immediate family to die, and she was proceeded in death by her parents and her two sisters. Her passing was not unexpected, but it was still like being punched in the stomach.
People may have many hopes regarding what will happen with their estate upon their death. One common hope is that the distribution of their estate will go smoothly and to their wishes. Among the things that could keep such a hope from becoming reality are family conflicts.