Having certain legal and financial protections in place are important for everyone, yet there are some who refuse to consider what they may need in the future or what loved ones may need. Estate planning is a smart way to provide assets and money and ensure they go where a person wants them to go after his or her death. Colorado children and heirs may wonder what they can do when a parent or other loved one refuses to consider estate planning needs.
One thing that may help is to discuss the need and benefit of taking certain steps, such as drafting a will. People are reluctant to move forward with estate planning for many reasons, including fears over privacy. Drafting a will is a smart first step, and there are additional steps a person can take if he or she wishes to make privacy a priority when transferring assets after his or her death.
With or without a will, a court process called probate will be necessary after the decedent dies, with some exceptions made to small estates with no real property and uncontested estates. The probate process is public record, which means if someone wanted to access certain information, he or she could. However, there are options that will allow a person to transfer assets in specific ways outside of probate, such as revocable living trusts or a transfer-on-death account. Planning can be a gift to loved ones, easing the transition and avoiding problems and misunderstandings. Discussing this with a loved one may help him or her see why planning is a smart way to meet his or her goal of keeping certain things private and making the transition easier.
It may be helpful for a person to discuss his or her needs with a Colorado estate planning attorney. Children and others who have concerns about their loved ones’ need for a will and other protections may seek guidance regarding how they can approach this difficult subject. Learning more about the process of estate planning may alleviate fears and concerns a person may have.