Don't Believe You Need an Estate Plan?
Aug 30, 2016
Estate planning can mean many things to many people. For some, it may simply mean the creation of wills or trusts. For others, it may involve the creation of a special needs trust to provide a safety net for a child with developmental disabilities. And many people are concerned over the prospect of paying for long-term care and the fear they could lose their home and their life savings. An estate plan can address all of these issues and more.
Having a will should be a necessity. If you do not have one, then your assets may pass under the laws of intestacy, which may not be how you wanted the assets distributed. By creating a will you can identify who receives your assets; when and how much they receive; and who will serve as your executor or trustee. It can ensure the orderly transfer of your estate as you want it, rather than as mandated by the State, and can help to minimize potential disputes among your family members. Medical durable powers of attorney and advance healthcare directives are valuable parts of any estate plan. Not only do they provide peace of mind for you, but they can also reduce the stress that your spouse or children would encounter not knowing your intentions concerning medical care and treatment. An estate plan should also include a financial durable power of attorney in which you have identified who can make decisions for you should you become incapacitated. Absent a financial power of attorney, it may be necessary to obtain a court-ordered conservatorship, which can be quite costly. While predicting the future is inherently risky, what is far more risky is to assume that things will be okay and will work out. Having a comprehensive estate plan in place before difficulties arise can prevent the need for crisis management.
Editors Note: This article was submitted by Richard B. Vincent. Richard is certified as an Elder Law Attorney by the National Elder Law Foundation. Richard Vincent is with Vincent, Romeo & Rodriguez, LLC, an established law firm with offices in Englewood and Louisville. He may be reached at (303) 770-0673 or by email at Rvincnet@elderlawcolorado.com
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