Many people in Colorado want to ensure that their loved ones and families will be taken care of after they're gone. With an adequate estate plan, this goal can be achieved. However, many Americans avoid estate planning, often due to confusion about the process or because of the unpleasant topics and emotions that can be stirred by considering one's own mortality. A 2016 survey claims that more than 64 percent of people throughout the country do not have a will.
When people die without a will, their families may deal with lengthy court processes and confusion that can squander a percentage of the assets involved in the estate. Making an estate plan can lay out clear guidelines for one's family members and help to resolve issues before they arise. When beginning the estate planning process, it can be important to develop a list of all of the assets that could be included.
While many people associate the estate planning process with developing a last will and testament to divide one's assets, this is only one portion of an overall plan. An estate plan can also address other key questions, such as the type of health care one wishes to receive in the event of incapacity. A living will or advance health care directive can help to ensure that one's family members and physicians are aware of their final wishes.
Several key documents can make up a effective estate plan. An estate planning attorney can help a client create these critical documents and protect the interests of their loved ones.