Many people acquire a considerable number of assets and people they love throughout their lifetimes. You and many other Colorado residents may cherish all the wonderful things that life has brought you, but you may also wonder what happens to those assets and loved ones after your passing.
Fortunately, estate planning can help you lessen the unknown by planning ahead and leaving behind wishes for your surviving family and friends to follow. You may not think that creating an estate plan is necessary for you, but really, it can have several benefits that you may not have considered.
Avoiding unnecessary complications
If a person dies without an estate plan, settling his or her final affairs can become much more complicated. State laws will determine who receives what property after your passing if you do not have a plan, and your loved ones could end up in disputes over your assets or for other reasons. Additionally, the court will appoint someone to act as the representative of your estate, and you may not have chosen that person, which you could do in your will.
By laying out your wishes, providing instructions for surviving family members and making others aware of what you want, you may help your loved ones avoid disputes as well as avoid unnecessary wasting of time and money.
Guiding your beneficiaries
You can even use your estate plan to guide the ways in which your beneficiaries use their inheritances. You could determine when individuals can receive the assets and how they can use them. This may prove beneficial if you have minor loved ones who are not yet ready to obtain a significant inheritance or specific property or if you have adult loved ones who may have substance abuse issues, special needs or simply do not handle money responsibly.
Having your say
Having the ability to put your voice to the final affairs of your estate is one of the greatest benefits of estate planning. Rather than having to wonder what will happen, you may rest easier knowing that you have created instructions for your loved ones to use as they close your estate. If you want to get started on your plans, you may wish to reach out to a knowledgeable attorney for assistance and support throughout your planning journey.