Estate planning misconceptions parents may believe

Estate planning misconceptions parents may believe

| Sep 22, 2020 | Estate Planning And Probate

Doing anything the right way involves having the right information. Unfortunately, numerous people in Colorado and across the country may believe certain details about estate planning that are not entirely true. Though getting started on a plan is definitely a step in the right direction, having accurate information is vital.

Understandably, one of the biggest concerns about estate planning is what parents should leave to their children. Some believe that they should simply say that all of their assets should pass directly to the kids and then they are done planning. However, leaving assets to one’s children is not the only option. Parties may want to consider charitable giving or even using estate funds to start a new endeavor that could benefit the children and generations to come.

Of course, if parents want to leave assets to their kids, that is perfectly reasonable. That does not necessarily mean that the distribution has to be equal. Though parents likely do not want their kids to fight over inheritances, it does not mean that it is best to simply leave each child with the same amount. In fact, one child may be much more successful in his or her career while another may be struggling. As a result, parents may consider giving more to the child who needs it.

While these misconceptions may seem relatively minor, knowing that parents have other options than just leaving assets to their kids could change their entire approach to estate planning. As a result, Colorado residents who are thinking about their end-of-life wishes may want to gain more information on the many options available for creating a comprehensive plan. Sitting down with experienced attorneys may help interested parties ensure they have the right information.