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Points to consider in creating an estate plan

Some people in Colorado might avoid creating an estate plan because they don't want to address mortality or feel that they don't need a will. However, there are a number of different aspects to estate planning. It's not just about what happens to a person's assets after death. Estate planning also deals with issues such as end-of-life care. An estate plan can help family members by making a testator's wishes clear.

First, people should look at IRAs and checking accounts. Loved ones can be added to many of these types of accounts as beneficiaries, or the accounts can be made "transfer-on-death." This can allow assets to be transferred to a person without having to go through probate. However, there are still other reasons to make a will. For example, a will can appoint a guardian for minor children and name beneficiaries for other assets.

Since a will has to go through probate, there may be a delay before beneficiaries can get assets. Therefore, a person might want to think about how to get assets to beneficiaries more quickly if necessary. A person may also want to create a living will that designates what kinds of life-saving procedures they want.

An attorney can help a client create an estate plan based on specific needs. In some cases, trusts provide an effective way to pass assets directly to beneficiaries. However, this may not always be an appropriate solution since trusts can be complex and expensive. An estate holder might also want to look into powers of attorney. These can be used to appoint people to take care of financial and health care matters if the estate holder becomes incapacitated.

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