On October 17, 2013

There are a few misconceptions about preparing one’s finances to be ready for surviving family members once one passes on. Some people think estate planning is only for the old and rich. Others think it’s scary or bad luck to plan an estate. There are others still who think estate planning is such an easy process and that it can be done without any professional guidance at all. According to financial experts, all of these beliefs are wrongheaded and could leave one’s family fighting for a piece of the estate, not to mention spending a chunk of it on legal fees.

What those experts stress is that an estate plan is simply a set of legal documents bearing instructions about the subject’s care if illness makes him or her unable to convey them directly. Also, these documents tell how to distribute a person’s assets once he or she has passed on. Such documents could include a living will, a trust, a will, healthcare proxy information and even funeral instructions. If the subject so desired, information on what to do with surviving pets could be included in an estate plan.

A Colorado lawyer and professor said that such a plan is how people in the subject’s world are advised on what their roles should be, if any, including who would be in charge and what would be expected of them after the family member’s death. This is helpful for avoiding conflict and misunderstanding no matter how much or little one owns.

A Littleton, Colorado, attorney may offer valuable advice and counsel for clients looking to create an estate planning document. A will, power of attorney, living trust or any other estate planning concerns may be addressed more easily with the assistance of a lawyer.

Source: Daily Tribune, “Don’t wait to plan your estate“, Laura Daily, October 14, 2013

Categories: Estate Planning

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