Should you have an estate plan?

Estate planning is not a hot topic for most people in Colorado. Despite how most people should have an estate plan, there are many who do not. Likewise, there are many who do not recognize the importance of estate planning.

Forbes states that over half of American adults do not have estate planning documents. This may be in part due to a lack of assets or children. If you count yourself in this group of Americans who have few assets and no children, you still may want to start your estate planning as soon as possible.

If you cannot make decisions on your behalf due to an accident or illness that leads to incapacitation, someone will have to make those decisions for you. While no one wants to think about a life where he or she has no ability to make these decisions, you do want to prepare for the worst. If something were to happen to you, it is better for you to have a power of attorney that you can trust to make decisions on your behalf. Likewise, if you do have assets or property, you should name who you want to leave that property to.

Protection of wealth and assets are the main goal of most estate plans. Perhaps you want to be able to leave money to your favorite charities or perhaps you want to ensure your assets remain in your family. However you want to leave your assets is up to you but without an estate plan, you will not be able to choose where your assets go.

The above information is only informational. It is not legal advice.