Estate planning is smart and practical for everyone

| Sep 10, 2018 | Estate Planning

It is impossible to predict the future, but with help, it may be possible to put plans into place that can allow a person to have security and stability months or years down the road. One way to do this is through effective and thorough estate planning, which is important for everyone. Some may believe this is a step only for the wealthy, but it is practical and prudent for everyone in Colorado, regardless of income level, assets and personal wealth.

Each person and family can benefit from the protections provided by estate planning. One of the most basic and beneficial things a person can do with his or her estate plan is have a will in place. If a person does not have a will, state laws will determine who gets what and how a person’s wealth is distributed. Simply having a well-drafted will can allow a person to decide what will happen to money, assets, pets and more after his or her death.

Another simple yet extremely important thing a person can do with his or her estate plan is outline the care of any minor children. Through a will, a Colorado parent can include a clause for who will act as guardian in case of his or her unexpected passing. This step can provide significant peace of mind when considering possible contingencies  in the future.  

Finally, any person with an estate plan can benefit from having medical directives in plan. Through these estate planning documents, anyone can say what kind of medical care he or she wants in case of incapacitation.  For those who do not have an estate plan in place or believe they need additional documents to secure their interests, they have no time to lose in seeking qualified guidance in these matters.