Answering Estate Planning Questions Early
With no formal education involving estate planning in school, it is no surprise how many people do not have all the answers to their estate planning questions. Here at Duncan Legal, I want to help you answer some important questions you may have.
Are estate plans only for wealthy individuals?
There is a false idea that only the rich and famous need an estate plan. The truth is that everyone can benefit from an estate plan. Proper planning can help your friends and family avoid an extensive and expensive probate process, as well as specify how you want to disperse your assets.
Do I ever need to update my will?
If you made your will a few years ago or longer, it may be in your best interest to update your plans. You may have experienced the birth of a child, marriage or divorce in those years. These events are a prime example of why you want to be sure your estate plan reflects the most current position you are in. It is essential to regularly check your estate plan to ensure it accurately reflects your best wishes.
When should I begin planning my estate?
There is no right age or date that suits everyone, but everyone should have an estate plan sooner rather than later. If you should pass away unexpectedly without an estate plan, you risk your assets going to someone you would not have picked to inherit your assets.
What should I include in my estate plan?
A thorough estate plan should include more than a trust or will. If you have any minor children or care for a vulnerable adult, you should have a guardianship in place. Trusts are also a good tool to pass on assets that can also allow you to control the contents while you are alive. You can also appoint a health care agent and power of attorney to make decisions on your behalf when you cannot, and a health care directive can specify your medical wishes for you as well.
Where Do I Start?
If you are looking to begin your estate plan or update it to meet your current wishes, contact a Colorado estate planning attorney you can trust today.