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Colorado Estate Planning Blog

Thursday, January 17, 2019

SIX MYTHS ABOUT ESTATE PLANNING (PART 1)

1. I had my estate plan done years ago, I don’t need to worry about it anymore.

Life is constantly changing.  Since you originally had your estate plan prepared, many parts of your life could have changed.  The type or amount of assets you own may have changed, or there may have been additions to your family or deaths. Your beneficiary’s needs may have changed. Additionally, Congress, state legislatures, and courts are always changing the rules.  It is always a good idea to review your existing plan every few years to make sure that your plan is still going to work as you intend.

2. Everything will automatically go to my spouse.

While your spouse may receive most of your assets, if you have no estate plan, your assets are likely to go through probate and distributed according to your state’s intestate succession statute.  Many of these statutes will divide your assets between your spouse and other members of your family (mother, father, siblings, etc.).  Without an estate plan, there is no guarantee that your spouse will receive 100% of your assets.

Your Estate Planning Checklist

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Sommers Law Group, LLC assists clients throughout Denver, Jefferson County, and Arapahoe County, Colorado.



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