When a person first starts to think about planning their estate, it is likely that they feel confused as to where to start. Over the years, different assets in the form of property and insurance or retirement plans can be difficult to plan. You may also be conflicted on how you would like to distribute your assets, especially when you have grandchildren or expect to have grandchildren in the near future.
It is important that you read considerably on some best practices when it comes to planning your estate in the state of Colorado, and that as well as knowing what to do, you learn what mistakes are commonly made so that you can consciously avoid them.
Estate planners often fail to foresee the occurrence of a disability
Disabilities often occur unexpectedly and become more likely as a person becomes older. One of the most common mistakes people make when planning their estate is assuming that because they are in good health now, that this will always remain the case. It is a sensible idea to think about appointing a power of attorney while you are in good health so that you have peace of mind about the future.
Estate planners often make unwise choices when it comes to choosing the estate executor
It may seem natural to choose a close family member to be the executor of your estate. For example, many people decide to choose their spouse, sibling or child. However, it is usually a better idea to choose a more distant and neutral person that you trust. This might be an old friend or a former business partner. This will mean that they will be able to handle any dispute that arises in an objective way.
Estate planners often delay in making decisions
Decisions that need to be made in any estate plan can be tough. Therefore, when faced with difficulties or challenges in planning their estate, many people delay the decision for months or even years. It is important not to waste time and to plan your estate early so that you can relax in the knowledge that your affairs are in place.