Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

1 minute reading time (228 words)

Timeline for Preparing and Updating Wills and Trusts

The law allows a person to sign binding contracts including Wills at age 18, the age when young adults should begin to plan to avoid financial and medical complications in the event of debilitating illness, injury or death.  Wills, Medical and Financial Powers of Attorney, and Advanced Directives are the basic documents that every person should have in place.

The next planning stage occurs after marriage and/or children come into life or when wealth has begun to accumulate.

At that time, it is important to decide whether a Will suffices or if a Revocable Trust would better meet the objectives.  The Will or Revocable Trust should provide a thoughtful distribution plan in case of untimely death. The plan should designate the guardian of children and the directions for management of assets.  This includes the timing of distributions to protect accumulated assets for the benefit of the surviving spouse and children.

The later steps for planning occur after children are mature and greater wealth is accumulated.  It is at this stage a plan needs fine-tuning to minimize taxes and provide continuity so the legacy will be shared with descendants. Selection of trusted fiduciaries and successors is critical at this stage.  Implementation of advanced tax planning techniques can make the intentions a reality for generations of descendants.

Estate plans should be reviewed regularly and changes made as life circumstances occur.

Don’t Defer Planning Your Estate Because The Estat...
Love is Blind---So You Better Wear Glasses

Related Posts