In Estes Park, Colorado, "estate planning" refers to the process by which a person makes arrangements related to their property after their death. It can (and should) also encompass personal issues that might come up immediately before and after a person's death.
One of the first things an estate planner will ask you about when you come to them for help is what you want to put in your will. A will is a document which says who is going to get your property after your death. Once it is proven valid, a will is binding, meaning that the beneficiaries get legal ownership of whatever is left to them. Obviously, if you have any interest in what is done with your property after you die, a will is going to be at the center of your estate plan. However, it is rarely the only part of a solid estate plan.
For example, a brilliant estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
Perhaps most vitally, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in Estes Park, Colorado?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. However, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
Unmarried young adults typically don't think much about estate planning. In most cases, this is fine. Unless you are extremely sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
If you are unmarried, but have a life partner in Estes Park, Colorado, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a situation, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also clearly include your partner (if you wish for them to inherit any of your assets).
There is another massive group of people who would benefit from having a good Estes Park, Colorado estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily contains facing some uncomfortable realities, it is critical and unavoidable.
Do I Need a Estes Park, Colorado Estate Planning Attorney?
Estate planning in Estes Park, Colorado is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a considerable number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.