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There are a few common misperceptions about estate planning. “Estate planning is only for wealthy people.” “I’m only 30, I don’t need an estate plan.” And of course, “I don’t have an estate to plan for.” At first glance these reasons might seem logical. After all, estate planning is often presented through the media in regards to multi millionaires and creating trust funds for children. However, there are several reasons why every person over the age of 18 years should create an estate plan.
In Colorado, the age of majority is 18 years old for estate planning purposes. It is at this age that children may become a legal beneficiary of property. What happens if you pass away while your children are minors? Individuals frequently name their children as secondary or contingent beneficiaries on their life insurance policies, retirement accounts, and investment or savings accounts. Who will manage these funds for the child, and where will they be held until the child attains the age of majority?
When you think of shopping for your Valentine, a visit to an attorney’s office is probably not what you have in mind. An attorney’s business card falling out of a specially chosen Hallmark card does not exactly scream romance on a holiday where flowers, chocolate, and jewelry have become the norm! However, creating an estate plan for your loved ones is one of the greatest gifts that you can give.
