Diet, exercise and taking care of oneself are part of the equation for enjoying one's golden years. Yet, for some Colorado residents, this may not be enough. Illness or injury may strike leaving the individual incapacitated and unable to make decisions and take care of personal business without assistance. When this happens, it may be necessary for guardianship to be established by the court.
There just never seems to be enough time in the day to accomplish everything that needs to be done. Some things always seem to take priority while others are constantly shifted to the end of the line. For many Colorado residents, drafting wills is one of those items that never seem to reach the top of the list.
It's not always easy to know what a loved one wants. In many instances, determining what the individual wants can be a guessing game. When it comes to gifts, this might be okay; however, when this guessing game relates to medical care, the stakes are much higher. Yet, research shows that only 37 percent of Americans, including Colorado residents, have addressed issues related to advance medical directives.
Watching your parents age can prove tremendously difficult, and you may find that your own wishes as far as your parents’ long-term care differ from what they want for themselves. For example, you may feel your mom or dad is better off in a residential care facility where she or he has staff members to help get around, prepare food and otherwise care for him or herself. However, your parents may wish to try to remain in their own home for as long as possible, because many older people understandably struggle with giving up some of their independence.
Whether you are a baby boomer or a millennial, you may someday need to care for an aging parent. You have probably heard about astronomical prices charged by nursing homes with warm, fuzzy names like "Meadowlark Haven in the Woods" or "Peaceful Sunnybrook Cottage." Home health care also sounds like a luxury beyond your means.
When the terms of a will are unclear or the will does not address a specific asset at all, it can leave a Colorado family in disarray as they try to figure out what to do with that piece of property. Many people address things like real estate, stocks and liquid assets in their will, but it is smart to also include hard assets as well. When estate planning, it is prudent not to overlook these important issues.
Volunteerism and giving are important to many Colorado residents. In fact, upon retirement, many individuals devote their time and energy to serving others. Volunteers can often be found serving in hospitals, schools and other organizations throughout their community. In an effort to continue this legacy of service, some individuals look to estate planning as another way to make an impact.