When they hear the term "estate planning," many people conjure images of wealthy families leaving vast inheritances and property to their children. However, estate planning is not just for the wealthy. Everyone can benefit from a comprehensive estate plan and the related issues, such as guardianship, trusts and wills.
Taking care of loved ones is often a primary concern in planning for the future. As a part of this process, some Colorado residents want to make sure that their assets are passed on without the headache or expense often associated with probate. Thus, they establish a living will as a part of their estate planning process.
Family dynamics can play an important role in determining the best way to structure one's estate as the Colorado individual grows older. In some families, conflict is the norm; in others, peace reigns. Additionally, when emotions regarding an adult child's mom or dad become involved, the dynamics can quickly change. As a result, planning for this possibility and establishing durable powers of attorney specifically addressing who should make decisions for the individual can be essential to maintaining family harmony.
Every day, the typical Colorado resident makes numerous decisions. Some decisions, such as what to have for lunch, are usually minor while other decisions, such as which job to accept, are more significant. Throughout this process, there are also a number of decisions that the individual simply decides not to make. Perhaps the individual is uncertain which decision to make or simply doesn't want to think about the situation. Regardless, some decisions, such as those involved with estate planning, can be costly if not addressed.
Sometimes it is easier to simply ignore the facts. However, while it may appear to be the solution, ignoring one's needs does not typically make them disappear. In fact, many Colorado residents need to establish and/or review their estate planning documents.
As one ages, there are many decisions which must be made. Among these decisions, the Colorado resident needs to consider his or her health concerns, family dynamics, and assets. These issues provide the foundation for the various estate planning decisions that need to be addressed.
Planning for the future is a goal in many Colorado homes. Individuals invest in retirement accounts and purchase life insurance policies. Family homes are taken care of and investment accounts are managed. However, one area that is often overlooked is the need for estate planning.
The majority of Colorado residents make plans for their future. This often begins when they are younger and they plan for marriage and a family. Later, plans turn toward vacations and retirement. As these individuals age, the need for estate planning becomes apparent.
Fighting with relatives after the death of a loved one is not something you want to happen. Unfortunately, it is a realistic reality for many families in Colorado already struggling to deal with the aftermath of losing a loved one.
When it comes to end-of-life care, the Colorado resident has several options. The option chosen can be expressly stated as a part of one's estate planning documents. Or, one can simply hope that the ability to make personal decisions continues until the end of one's life.