Creating an estate plan may make it easier to retain control over a Colorado home, a bank account or other assets you may have before and after you pass away. It may also ensure that your affairs are settled in a timely and amicable manner after your death. However, you may have heard some unflattering myths about estate planning that have caused you to put off creating a will, trust or other documents.
Create a plan on your terms
You may believe that preparing an estate plan is a process that will cost you a lot of time and money. The truth is that it doesn’t have to take more than an afternoon to put together a quality will or trust. Furthermore, a basic plan can be relatively inexpensive to execute whether you choose to create it on your own or with help. Even if you have complex needs, there are steps that you can take to minimize the upfront and long-term costs that may come with meeting them.
Don’t wait
When you’re young, it can be hard to imagine a situation in which an estate plan might be beneficial. However, having a medical directive can help to ensure that you get the treatment that you want or need if you can’t communicate with your doctors. A living trust may make it possible for someone else to manage your affairs if you cannot do so. It may also be used to appoint a guardian for your children or for your pets.
Don’t assume anything
You may assume that your family knows what to do with your stuff after you pass away. However, putting your wishes in writing minimizes the risk that anyone will try to claim what they weren’t intended to receive from your estate.
An estate plan may enable you to determine who gets your assets and how they are distributed. If you already have a plan in place, it is worthwhile to review it after a major life event or on an annual basis to determine if it still meets your needs.