We’ve mention in several previous posts about the importance estate planning can play in the future. When it comes to protecting yourself, your estate and your beneficiaries having a detailed estate plan simply is a must for Colorado residents, regardless of their financial status. In order to ensure your estate is fully protected, following a detailed checklist can certainly help in the estate planning process.
There are specific key points that are often included in a successful estate plan. While each of these areas don’t apply to everyone, they are still important to review in order to make sure all legal bases are covered. Some of these points include:
- Power of Attorney
- Health care proxy
- Trust and property distribution
- Life Insurance
- Charitable donations
Other key areas of interests for some individuals include protecting business interests and preparing for possible tax implications. Taking certain precautionary measures can help business owners ensure their businesses will be protected long after they are gone, and can help reduce or avoid tax penalties which would allow beneficiaries to enjoy their inheritance. The failure to account for all of these areas adequately could leave beneficiaries burdened by outrageous fees and the estate liable for any financial shortcomings.
While some estate plans can be simple and straight forward, there are others that are more complex. Following a detailed checklist can help Colorado residents ensure everything is appropriately considered and nothing is left to chance. Taking this type of detailed approach to estate planning can simply offer peace of mind by making sure all potential issues are addressed.
Source: insurancenewsnet.com, “The Importance Of An Estate Planning Checklist“, Brian A. Beasley, Nov. 26, 2014