Growing older is a fact of life. As one ages, one's perspective regarding what is important often changes. While younger Colorado residents are often more concerned with the day-to-day aspects of life, many older residents have discovered that planning for the future and what will happen once they are no longer able to make these decisions is critical. These concerns for the future are best addressed through various estate planning tools.
For most people, the thought of aging is not a pleasant one. There are many worries that run through people's heads, chief among them being preferences for medical care and final wishes for when they have passed on. Although uncomfortable, discussing these matters and estate planning accordingly is essential.
Caring for a pet is a big responsibility. Many households in Colorado devote a great deal of time and money to providing for the well-being of their animals. Whether they raise them from birth or adopt them full-grown from shelters, pet owners often incorporate their animals into their homes as members of their families. This is why more pet owners are adding pet trusts to their estate plans.
In addition to family responsibilities, Colorado business owners also have a responsibility to their customers and employees. Customers depend upon the business owner to provide a necessary product or service; employees depend upon the business owner to provide their livelihood. For this reason, proper estate planning can be crucial in protecting both customers and employees in addition to loved ones.
In years past, one would pour over the family photo album to learn about friends and family. If one wanted to say hello to grandma, he or she would have to pick up the telephone and place a call. Then, when the phone bill came in, along with all the other bills, someone would have to sit down and write out a check to pay the bills. Things have changed drastically over the past 20 years or so, and the way that the average Colorado resident communicates, preserves history and even takes care of financial matters has changed. While many of these changes offer a number of advantages, they also can present problems unless they have been addressed as a part of one's estate planning process.
Life is full of choices. The Colorado resident chooses where to live, which occupation to become proficient at and even who to spend his or her life with. For some individuals, the desire to continue making such choices is a motivating factor. These individuals also wish to make choices regarding their health care and the extent to which medical treatment will be given. With this in mind, these individuals may benefit from creating advance medical directives.
It appears that only 45% of Colorado residents are prepared for their end of days. In fact, research indicates that approximately 55% of Americans have done no formal estate planning. They have not created a will or done anything to ensure that their families and assets are protected upon their deaths and that their final wishes are carried out.
Privacy is important to many individuals. As the Colorado resident strives to keep his or her financial affairs private, there are risks involved with such action. Without a complete listing of one's investment accounts and other financial matters as a part of one's estate planning documents, it is possible that heirs may not be aware of such accounts exist until much later, if ever.
Creating an estate plan means anticipating many contingencies and having safeguards in place. Those who have children may have to consider the need for guardianship. Those who own Colorado businesses may include succession planning in their estate plans. Important elements of all estate plans are advance medical directives. These state one's wishes for medical treatment if the person becomes unable to express those wishes.
In today's world, the modern family is a complex mix of individuals. In some instances, the Colorado family is comprised of two parents and their children. Other families consist of one or two parents with children from other relationships. This diverse family dynamic can have a dramatic impact upon the estate planning needs of the individual.