Understanding the Basics of Estate Planning in Colorado
A Colorado estate plan is a series of documents in which you establish declarations and instructions concerning your care if you were ever physically or mentally incapacitated and how your assets should be distributed upon your death. A solid estate plan has both personal and financial benefits.
Estate planning is establishing a set of procedures and mechanisms to manage an individual’s assets, financial affairs, and personal matters during the person’s life, as well as providing for the disposition of assets after death.
Some individuals, but not all, may require mechanisms to be in place to manage the assets of loved ones who are minors and/or incapacitated.