On April 5, 2013

Many who live in Colorado feel that they do not need to worry about having a will. Most think they do not have enough money or are too young to need to think about estate planning. However, estate planning is essential, and people who already have documents in place should also be sure to review and update them on a regular basis.

One of the main arguments that individuals who do not have wills use is that they do not have enough money to require a will. However, there is more to having a will than determining who will get what. If someone has children, their assets will automatically go to them, even if they do not have a will, but who will take care of those children? Who will handle the money that is left to them? These are things that need to be outlined in a will.

Estate planning documents can also determine who will care for an individual if they are no longer able to do so themselves. Few people would want to leave who makes choices regarding their care to chance. Therefore, people should be sure to draw up Power of Attorney and a Health Care Proxy documents along with a will.

Estate planning only needs to be complex for complex financial situations, but it is important for everyone. Without proper documents, individuals are often leaving their or their children’s care to chance. Colorado residents who already have these documents or who are interested in updating them should speak with an experienced estate planning attorney.

Source: CBS Local, “Estate Planning Is Essential,” Dee Lee, March 22, 2013

Categories: Estate Planning

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