Estate planning biggest mistake is failure to make a plan

| Sep 13, 2019 | Estate Planning

People undertake projects every day. Some are completed successfully and others not so much. Of the failing projects it is often said that mistakes were made. People in Colorado are not immune to failure and a project where mistakes can happen is in estate planning. A basic understanding of what a plan should aim to accomplish can help avert mistakes.

One mistake regarding estate planning is the failure to create a plan in the first place. Some people mistakenly believe that they need a significant estate to warrant the creation of a will. In addition, if married, they may assume  everything will go to the spouse so a plan isn’t really needed.

 A critically important piece of any estate plan is a health care directive. No one wants to consider the possibility of incapacity. Failure to plan for such an eventuality can leave loved ones dealing with difficult questions concerning life support and your wishes.

Estate planning can seem a monumentally difficult task and one that continuously gets put off for another day. In reality, it is one of the most important and considerate actions a person can take in consideration of family and loved ones in Colorado. Ensuring that one’s final wishes are documented provides peace of mind that those wishes will be carried out according to plan.