If you have not yet begun setting up your Colorado estate plan, you should seriously consider getting started. Why? Because even if you are a young person who has yet to accumulate a lot of wealth, having an estate plan is your only way of ensuring that your wishes will be followed.
FindLaw explains that every individual and every family needs an estate plan. At a bare minimum, you should execute a Last Will and Testament. If you die without one, the state of Colorado will determine who inherits from you, regardless of what you might have preferred.
Estate planning benefits
Creating your estate plan can solve many issues and give you considerable peace of mind. Consider the following:
- Your Last Will and Testament will designate who you want to receive which of your assets when you die and who you want to act as guardian of your young children.
- Your medical power of attorney, sometimes called your health care directive, will set forth which medical treatments you want and do not want if and when you suffer an illness or injury that prevents you from stating those preferences yourself.
- Your living trust(s) will provide for you, your spouse and your children from the time you establish them for years into the future.
- Your tuition plan(s) will ensure that the money is there when your children go to college or seek other post-high school education.
One important thing you should remember is that with the exception of any irrevocable trust(s) your estate plan contains, you can always change, update or rescind your estate planning documents whenever you wish or need to.
This is general educational information and not intended to provide legal advice.