A will can help you accomplish a number of important estate planning goals. For example, it allows you to direct how property that is subject to your will should be distributed after your death.
At Duncan Legal, PC, we encourage individuals and families to understand both the importance of having a will and the additional planning documents that may be necessary to protect their wishes.
If you die without a valid will, property that would otherwise pass under a will is generally distributed according to your state’s intestate succession laws. Those laws determine which relatives inherit and in what proportions, regardless of whether that result matches what you would have chosen.
It is also important to remember that not every asset passes through a will. Property held jointly with rights of survivorship, retirement accounts, life insurance policies, payable-on-death accounts, and other assets with valid beneficiary designations generally pass according to their ownership or beneficiary arrangements rather than the terms of a will.
A will can also play an important role if you have minor children. Parents can use a will to nominate the person or people they would want to serve as guardian if a guardian becomes necessary. Although the court ultimately determines who will be appointed based on applicable law and the circumstances at the time, documenting your wishes can provide important guidance.
In short, a will addresses several important issues that arise after death. However, a comprehensive estate plan should also consider what happens during your lifetime if you become unable to manage your own affairs.
A financial power of attorney allows you to authorize someone you trust to handle specified financial and legal matters on your behalf. The scope and requirements of a power of attorney vary by state, but without appropriate planning, court involvement may become necessary if you can no longer manage your affairs yourself.
Health care planning is also important. Depending on state law, documents such as a health care proxy, health care power of attorney, living will, or other advance directive can allow you to name someone to make health care decisions if you cannot make them yourself and can document your wishes regarding medical treatment.
Without these documents, decisions about your finances or medical care may have to be made under state law or through a court proceeding, and the person authorized to act may not be the person you would have chosen.
A will remains an important part of many estate plans, but it is only one piece of the planning process. A well-coordinated estate plan may also include powers of attorney, health care directives, beneficiary designations, trusts, and other planning tools based on your family, assets, and goals.
Protect Your Future with Duncan Legal, PC
A will is an important first step, but is your estate plan truly complete? At Duncan Legal, PC, we help individuals and families create comprehensive estate plans that address both what happens after death and who can make important decisions during their lifetime.
Take the next step toward protecting your wishes and your loved ones. Contact Duncan Legal, PC at (303) 394-2358 or visit www.duncanlegal.com to schedule a consultation. Our office is located at 6436 S Racine Circle, Suite 227, Centennial, CO 80111.
