Estate planning even for those without apparent heirs

| Jan 31, 2018 | Estate Planning

Every day, the typical Colorado resident makes numerous decisions. Some decisions, such as what to have for lunch, are usually minor while other decisions, such as which job to accept, are more significant. Throughout this process, there are also a number of decisions that the individual simply decides not to make. Perhaps the individual is uncertain which decision to make or simply doesn’t want to think about the situation. Regardless, some decisions, such as those involved with estate planning, can be costly if not addressed.

Often, when an individual does not have a large estate or an apparent beneficiary, the assumption is made that estate planning is not necessary. However, the average individual will at the very least have some bills that need to be paid and some assets that will need to be transferred to another individual. Without some form of estate planning, such as a will, the individual will have no control over who becomes involved in this process.

Additionally, when the individual is not married and does not have children, there may not appear to be a loved one who will need to be protected through the estate plan. Yet, without an estate plan, it will be necessary for the courts to become involved and assets will transfer per state law. This means that a distant relative the individual may not know or does not even like may inherit.

Estate planning is often set aside to be done another day. However, regardless of the size of the estate or the family status of the individual, each Colorado resident does need to address it. Experienced legal counsel can work with the individual in deciding exactly what needs to be done and the best way to do it.

Source: greenbaypressgazette.com, “Intimidated by estate planning? Here are key first steps“, Andrew Farah, Jan. 17, 2018