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Why everyone should create an estate plan

For the many Colorado residents who do not own their own home or have a large number of assets, getting an estate plan together may not be their highest priority. However, the real goal of an estate plan is not just to protect assets, but also to ensure that the kids and loved ones are protected and ensure that a person's final wishes are carried out if something should happen.

When it comes to an estate plan, there are certain components that are standard. They should, for example, contain a medical power of attorney and a living will. The power of attorney gives a specific person the authority to complete the person's wishes. The living will dictates what type of medical care the person wants if he or she is not in the position to articulate it.

Trusts are another component that can be included in the estate plan. Depending on the type of trust a person sets up, the beneficiaries can be protected from probate. Probate is a lengthy and sometimes expensive process, and with a trust, a beneficiary can receive an inheritance more quickly than under a will.

Even if a person does not have a large amount of assets, ensuring that his or her loved ones are protected is incredibly important. However, determining what types of documents are appropriate for particular situations can be difficult for a person who does not have experience with these matters. An estate planning attorney can outline the requirements of each particular document and then tailor them to a client's needs and desires.

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