On June 20, 2013

If you are young, the time to have your estate planning documents in place is now. Many people choose to wait until their later years before having the necessary documents prepared; however, the best time is now for those who have yet to begin their families.

No one likes to think about potential tragedy; however, unfortunate events that shatter families can occur at any moment. The proper estate planning can put people’s minds at ease. For example, if both parents are involved in a fatal car accident, their estate planning documents should stipulate who takes care of their children and how their estate should be distributed. If people die without having planned their estates, all of their affairs could be decided by the state.

A will is probably the most common estate planning document, and it simply states how one’s assets should be distributed if one should pass away. Those with assets that are more significant might want to consider a Living Trust in order to avoid the possibility of the Will languishing in probate. People are less likely to contest Living Trusts, and assets are likely to be distributed more quickly than they would be under a will.

Other important estate planning documents include an Advanced Health Care Directive, Power of Attorney for Asset Management and HIPAA Release Form. These documents should cover people’s wishes if they are no longer able to make their own decisions. These forms outline health care and asset management wishes and give trusted individuals permission to act on their behalf.

Colorado residents may have questions about estate planning but might not know where to begin. People could feel intimidated regarding all the information that is out there; however, a knowledgeable attorney may be able to help them sort out all the information and put their minds at ease.

Source: Forbes, “The best gift dads can give their families“, Michael Chamberlain, June 13, 2013

Categories: Estate Planning

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