Most people realize the importance of planning for the future. We spend our lives working hard to provide for our family and accumulate assets. We plan for life events such as raising children, weddings, and ultimately our retirement. However, planning shouldn’t end there. Since we have worked hard to acquire our assets, it is important to prepare for the continued growth of those assets and what should happen to them at the time of our death. This is why it is important to have an estate plan in place.
According to the Denver Post, an estate plan is a series of documents in which instructions are detailed regarding your care if you became mentally incapacitated and how your assets should be distributed upon death. Estate planning is also about ensuring your well-being by deciding who will speak on your behalf when you are no longer able to, as well as whom will care for you and your assets should you become unable to do so. Having an estate plan in place will allow you to make important decisions about the maintenance and growth of your assets while you are still alive, and for the benefit of your heirs after your death, while you still have the physical and mental capacity to do so.
Some complicated matters should be addressed when creating an estate plan, such as the distribution of assets and personal property, reducing tax liabilities from your estate, who will be the executor of your estate upon your death, and ensuring you have a valid will.
Because estate planning is quite in depth, it is a good idea to have an experienced estate attorney oversee the process. They can advise you of your options, which will help you make important decisions so that you will have peace of mind knowing your wishes are being respected.