In many families, there is an expectation that a parent's money and property will go to his or her children after death. However, that is certainly not always the case.
If you are like many people, you will see your parents and other relatives over the holidays, whether you visit them in a nursing home or invite them over for a family meal. While you may be focused on celebrating and catching up, however, you might also consider taking the opportunity to discuss an important topic: estate planning.
Fiduciary duty is something people may not think about until they are in a stressful, upsetting position. Often, the subject arises after someone becomes very ill or passes away. Under these circumstances, it can be very difficult to know what to do, and perhaps more importantly, what not to do.
Relationships and family structures are more diverse than ever, and people have different goals and needs. That is especially true when it comes to estate planning.
People over the age of 60 are becoming the fastest growing age group in Colorado and around the rest of the country. As this age group gets older, estate planning becomes an important consideration. There are many facets to estate planning and it is not a one-size-fits-all proposition. If an older couple has a complicated estate that includes blended families, minor children and significant assets, trusts may be a good option.
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.
Americans are living longer and healthier lives. But no matter how hard a person works to delay the onset of old age and preserve one's health into later years, at some point, most people will require some form of assistance. One aspect of elder law in Colorado and across the country is to plan for possible disability later in life.
Having a loved one with Alzheimer's disease can be difficult. Though many people in Colorado and across the country receive this diagnosis, the progression of the disease and the way it affects each individual can differ. In any case, it is wise for families to consider their estate planning options after learning this news.
Is estate planning really necessary? Some individuals may feel that they are not wealthy enough to actually need an estate plan. To be honest, estate planning takes time and money that some Colorado residents may feel can best be spent elsewhere.
Control is an essential element for many Colorado residents. They want to control their environment, their day-to-day activities and even their destiny. While it is not possible to have control over all future events, there are some areas you can. By planning ahead and appointing someone to hold durable powers of attorney, individuals can still maintain some control in case they become ill or incapacitated and are no longer able to make decisions for themselves.