Estate planning is not a single event, but it grows and changes as your life and goals evolve. You may be among those who believe creating an estate plan is something you put off until you are older, thinking of retiring or even close to death.
The first flaw in this way of thinking is that few people can predict when their lives will end. The second flaw is that postponing the creation of an estate plan can mean missing out on opportunities to protect and provide for your loved ones.
Estate planning is an important step for everyone, but not every estate plan is the same. What you need as part of your plan depends on your needs, goals and individual situation. Some Colorado readers may find a simple will to be sufficient, but you may need additional protection in order to ensure the well-being of yourself and your loved ones.
If you are considering what you need as part of your estate plan, you may find it beneficial to think about adding a health care power of attorney. This document can allow you a measure of control over the details of your health care in case of a medical emergency or incapacitation.
If you are considering planning the future, like many others, you may feel somewhat intimidated at the concept of forming a strategy for the unknown. Life is full of surprises, some favorable and others perhaps less so, and having an estate plan in place to cover as many scenarios as possible could prove invaluable.
Despite your reservations, you may feel it is vital to have a strategy in place to account for certain changes in life. However, with little to no experience in the area, you could be uncertain how best to approach the situation.
Have you recently lost a loved one? Do you have concerns about the state of his or her estate? If you do, you are not the first person to feel that way. Numerous Colorado residents have questioned their loved one's wills. If necessary, it is possible to challenge a will, though doing so may be challenging all in itself.
It is impossible to please everyone when it comes to writing wills. It is not necessarily the easiest thing to do. Challenging a will is not about someone being unhappy with what he or she is not getting, though. Challenging a will is about questioning its validity, usually due to last-minute changes.
The transition from a paper society to digital has been gradual. Most people were slow to hop onto Facebook and other social media, figuring it was a fleeting invention where something new would come along and replace it. Then the kids started using it to share pictures of the grandchildren, and instant messaging offered easier communication with distant family.
In many parts of life, digital items have replaced physical products. Most estate plans, however, only discuss three-dimensional physical property. As you plan ahead, what happens to all of your digital assets?
When people talk about drafting a will, avoiding probate is usually a major discussion point or even a major reason to write a will in the first place. Wills are crucial for everyone because, without them, court makes all the decisions about how your estate is distributed after you pass away. Even with a will, probate may not have a desirable outcome. Here is an overview of the process and the reasons it may not be ideal.
