On March 6, 2014

Colorado residents who are looking into estate planning may wish to check out an article detailing ways in which to make the process as painless as possible. Since fewer than half of Americans have a will, making the process easier may be just the thing to help protect these assets for future generations.

Having a proper estate plan can save those who inherit plenty of headache and expense. For those who do not have a will, state intestacy laws will dictate how assets are apportioned to a person’s heirs. In order to avoid this, some simple steps can be taken to ensure that distributions are made in accordance with a person’s wishes. Initally, an inventory of these assets should be taken and a decision made as to whom they should go. This will help immensely when drawing up a will. It is also important to appoint an executor, the person who is entrusted with carrying out the estate plan.

Other steps that should be taken to make things as easy as possible include granting a power of attorney to another who is entrusted with handling finances and other key decisions should a person become incapacitated. Having a living will and healthcare power of attorney helps to direct what medical wishes a person has should they be unable to communicate. It is also important to keep communication lines open with the heirs and maintain an updated will in order to account for any major life changes that can occur after the initial estate plan is drawn up.

End of life concerns, particularly when there are significant assets, can require the assistance of an attorney. The attorney may be able to advise on the appropriate estate planning vehicles and draft the necessary documents to minimize any issues after a person’s death.

Source: CNN Money, “10 steps to painless estate planning“, Martha White , March 03, 2014

Categories: Estate Planning

Tags: , , ,