Estate planning is an important part of protecting one’s future

| Jul 25, 2018 | Estate Planning

Growing older is a fact of life. As one ages, one’s perspective regarding what is important often changes. While younger Colorado residents are often more concerned with the day-to-day aspects of life, many older residents have discovered that planning for the future and what will happen once they are no longer able to make these decisions is critical. These concerns for the future are best addressed through various estate planning tools.

One tool that often proves essential is a durable power of attorney. This tool allows the maker to specify an individual to have the authority to make financial decisions on behalf of the person granting the power. Even if an individual becomes ill or injured, bills need to be paid, contracts need to be fulfilled and other financial transactions and decisions need to be attended to. The durable power of attorney allows another individual to act one’s behalf to take care of these matters.

Another important aspect of estate planning is the Health Care Declaration and Designation. This document allows another individual to make necessary medical decisions on behalf of the individual. Under current HIPPA regulations, medical professionals are prohibited from discussing one’s medical condition with others; this can become a concern if one is ill or injured and unable to make his or her own decisions. The Health Care Declaration and Designation allows another specified individual to be given the necessary information and then make the appropriate medical decisions for the individual.

Most Colorado residents look forward to growing older and would prefer not to reflect upon the alternative. However, one’s mortality is another fact of life. However, with proper the proper estate planning tools, one can rest assured that his or her loved ones, financial concerns, medical concerns and assets will be taken care of.