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.
Individuals who do not have children still need to dictate where their assets go after their deaths. If they do not create plans with these instructions, the state may decide where assets go, and as a result, personal property could land in the hands of random relatives or other individuals. Instead, parties may want to leave specific items to nieces or nephews, close friends or charity. If plans are not made indicating these wishes, they will likely not be carried out.
Additionally, estate plans are used for more than just bequeathing assets. People can also indicate how they want their care handled in the event that they can no longer make decisions for themselves. Incapacitation affects a substantial number of people, and without plans in place for this scenario, loved ones may have to go through long and difficult court proceedings to have the ability to make important decisions for their family members.
Certainly, estate planning is vital for parents, but even individuals without children need to make plans of their own. Not creating a plan is one of the biggest mistakes when it comes to getting end-of-life affairs in order. Fortunately, Colorado residents can discuss their options for creating the best plans for their circumstances with knowledgeable attorneys.