Proper estate planning can help make dreams come true

| Feb 20, 2019 | Estate Planning

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.

Part of the process of creating pleasant memories is making sure that family members will not be left to wonder and perhaps even argue over what a loved one wants once that individual is no longer able to communicate this information. Creating a will is the first step in this process. One of the primary functions of a will is to make the individual’s wishes known; it directs how assets are to be distributed and can be an effective tool in preventing family dissension and possible legal action.

In addition to a will, the individual will want to establish documents that will allow medical and financial decisions to be made if the individual is unable to do so. The advance medical directive provides the family, as well as medical personnel, with information regarding the extent to which the individual wishes medical assistance to be provided and who can act on their behalf. This document addresses one’s end-of-life desires and the extent to which he or she wants to prolong life.

The durable power of attorney is another important estate planning document for helping to ensure that your wishes are honored and problems avoided. This document identifies who will make financial decisions and how they should be handled if the Colorado resident is unable to do so. When it comes to making these type of wishes come true, experienced legal counsel can be invaluable.