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Asset Division According to State Guidelines
One of the reasons why it’s important to have an estate plan in place is because doing so means that your assets will be distributed according to your wishes. You are basically setting up your family’s financial future by planning your estate. Dying without an estate plan, specifically a will, puts those wishes in jeopardy. Read on to learn what happens if you die without a will in Colorado.
Intestate Succession
Dying without a will means that your assets will be distributed according to state guidelines in a process known as intestate succession. How assets are distributed depends on several factors, including whether or not you are married, if you have children, and how many children you have. It’s important to note that only assets that are only owned by you are distributed according to these guidelines; assets that already have beneficiaries designated such as retirement accounts or life insurance payments are not involved in intestate succession.
Intestate succession means that assets you may have wished to go to a child, friend, or someone else may not end up in their hands. For example, if you are married and have children with your spouse, your spouse will inherit everything that would be distributed according to intestate guidelines; this would mean that your friends and other family members who would normally receive something you wanted them to have would not get those assets.
Put Together an Estate Plan
The smartest way to avoid having your assets distributed according to state guidelines is to put together an estate plan and include a last will and testament that outlines your wishes for asset distribution. Having an estate plan is a great way to protect your family and give them peace of mind in the event the unexpected occurs. At Law Office of Alexandra White, PC, we can help you craft an estate plan with your needs and your family’s needs at the core of our work.
Learn more about estate planning in Colorado by calling us at (303) 647-4245. You can also visit our website to learn more information or fill out our brief form.