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.
Creating an estate plan is a beneficial step that many Colorado adults choose to take. However, if mistakes with those plans exist, the estate planning process they went through could end up being for naught. In particular, if a person wants to avoid probate or has other specific wishes for his or her estate and assets, mistakes could easily derail those intentions.
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.
Estate plans can serve a number of purposes, but some Colorado residents may only know about one or two. For instance, they may know that they can use their wills to name guardians for their children, but since many people do not have children, they may mistakenly think that they do not need an estate plan. In fact, estate planning can be beneficial for any adult, even those without kids.
Anyone whose health and cognitive abilities have declined may be susceptible to financial abuse. Senior citizens in Colorado and elsewhere often experience reduced functioning as they age and, therefore, can be taken advantage of, often by people they love and trust. Experts are warning that instances of elder financial abuse are on the rise and will potentially worsen as the population ages. Those who do not have financial directives as part of estate planning may be vulnerable.
When a Colorado resident dies, his or her estate typically passes on to the beneficiaries. However, in reality, this is not always the case. While technology has made keeping in touch with friends and managing financial accounts easier, it has also created concerns that should be addressed in the estate planning process.
As with most things, preparing ahead of time for one's initial meeting with an attorney can save both time and money. Estate planning encompasses a vast array of decisions which must be made and assets which must be addressed. By thinking through some of the basics and gathering the appropriate information, the Colorado resident can be prepared.
As Colorado readers know, estate planning is important for almost everyone, regardless of income level or the size of the estate. Drafting a will and having in place other types of estate planning documents can give a person peace of mind regarding the future, but it is smart to occasionally review plans to see if updates are needed. Certain life events and circumstances may necessitate changes and updates to your estate plan.
What if the unthinkable happened? All of a sudden, almost everything that the Colorado resident spent years acquiring disappeared in an instant. While this may seem like a far-fetched idea, it is reality for some individuals. Natural disasters, accidents and other events can take one's life and change it forever. While this may not be likely to happen, it is something to be prepared for and addressed as a part of the estate planning process.
There just never seems to be enough time in the day to accomplish everything that needs to be done. Some things always seem to take priority while others are constantly shifted to the end of the line. For many Colorado residents, drafting wills is one of those items that never seem to reach the top of the list.