Watching your parents age is often difficult, and it can prove particularly so if they are also struggling with memory loss, health problems, mental illness and similar issues. Over time, such issues can, in some cases, hinder an older American's ability to carefully consider important matters and make sound decisions on his or her own behalf. If this describes your particular situation, you may be wondering whether it might be time to establish a guardianship or a conservatorship over the parent in question.
Creating an estate plan is a beneficial step that many Colorado adults choose to take. However, if mistakes with those plans exist, the estate planning process they went through could end up being for naught. In particular, if a person wants to avoid probate or has other specific wishes for his or her estate and assets, mistakes could easily derail those intentions.
Most people set aside a significant amount of savings during their lifetimes. This type of financial planning is both wise and widely recommended. However, it may also be a source of frustration when this planning seems to fall short.
The ability to dream and then watch these dreams become reality is something that most Colorado residents aspire to. They dream of growing old and living life to the fullest. They also dream of leaving a legacy of memories for their families to cherish. One way to ensure that these dreams become reality is through proper estate planning.
Estate plans can serve a number of purposes, but some Colorado residents may only know about one or two. For instance, they may know that they can use their wills to name guardians for their children, but since many people do not have children, they may mistakenly think that they do not need an estate plan. In fact, estate planning can be beneficial for any adult, even those without kids.
Far too many Americans put off estate planning. In fact, only 40 percent of adults have a will or other estate plans, reports AARP. Oldest seniors have the highest rate (81 percent), and baby boomers come next, though only at 58 percent. This means there are still those entering or settling into their later years without any plans for their passing.
Anyone whose health and cognitive abilities have declined may be susceptible to financial abuse. Senior citizens in Colorado and elsewhere often experience reduced functioning as they age and, therefore, can be taken advantage of, often by people they love and trust. Experts are warning that instances of elder financial abuse are on the rise and will potentially worsen as the population ages. Those who do not have financial directives as part of estate planning may be vulnerable.
If you have an older parent finishing up his or her estate plan, you may have some concerns about it. Elderly people can become susceptible to coercion and pressure by other people, such as family members or friends. Abusers take advantage of the physical and mental weakness of elderly people. This can impact the estate plan significantly.