In Wellington, 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 include 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 assistance 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. Nonetheless, it is rarely the only part of a solid estate plan.
For instance, a reliable 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.
For anyone who has children who are still minors, it is very essential to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's important to discuss this matter with that person before you truly do it.
What Type of Estate Plan Do I Need in Wellington, Colorado?
The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
If you are young and unmarried, estate planning likely doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very hazardous job, such as the military.
Individuals who are, for varied possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Wellington, Colorado estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
If you are elderly, and have a considerable amount of assets in Wellington, Colorado, estate planning may be more important at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is necessary if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a Wellington, Colorado Estate Planning Attorney?
Estate planning in Wellington, Colorado is not always complicated, but it certainly can be. In moderately-sized to large estates, with a substantial number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.