Colorado estate planning is beneficial even if your assets are minimal. The belief that estate planning is only for the rich is erroneous. There are several ways to benefit from an estate plan, no matter how many assets you have.
Provide for your family
Estate planning allows you to provide for your family. If you don’t have an estate plan, your state of residence will determine what to do with your assets. That means your property and financial assets might not go to your family. With a valid estate plan, you have the final say over who gets what. Even if you don’t own a lot, it helps to determine what happens with your belongings.
Prevent family arguments
If you die without an estate plan, your family might argue about who gets what. Making your wishes known is the best way to avoid family arguments. Your family might disagree with your final wishes. However, if your estate plan is valid, your family must accept the situation.
Prepare for healthcare emergencies
You could face a medical emergency in which you become unable to speak for yourself. You can use an estate plan to prepare for such an event.
If you’re unable to speak for yourself, that means your family will have to make decisions for you. That can cause a burden if your family has no idea what you want. To avoid this issue, it’s possible to specify your healthcare wishes when you’re planning your estate.
For example, you might want someone to make your healthcare decisions. Or, perhaps, you don’t want to stay connected to a ventilator. Make your wishes known by including medical care provisions in your estate plan.
You’re not legally required to have an estate plan. However, having one in place is beneficial to you and your family. Failing to have a plan will leave the future of our assets in the hands of your state of residence.