When young people in Colorado think about wills and trusts, they may consider estate planning a subject that's largely of interest to older people, wealthy individuals or parents. According to one survey, 78 percent of millennials don't have a will or other estate planning documents. Many young people simply don't see the importance of these kinds of documents. However, if the unexpected occurs, having a will and other documents in place can ease the process greatly for loved ones.
It's important to note that a will isn't the only important document involved in an estate plan. Everyone should have proper powers of attorney in place. A durable power of attorney allows someone else to manage a person's financial matters in case he or she is somehow incapacitated. This can be critical in the case of a severe accident. In addition, many people have strong feelings about what kind of medical interventions they want to receive in case of incapacity or ongoing life support. An advance health care directive provides people with the opportunity to make their end-of-life wishes clear and name a person to make medical decisions in case of incapacity.
When a person dies without a will, his or her estate is distributed according to the state laws on intestacy. In most cases, the parents will receive the assets of a person who dies without children and unmarried. If people want to divide things differently, writing a will can be essential. Even if individuals are happy with their parents receiving everything, a will can help save time and potentially costly fees.
People of any age can benefit themselves and their loved ones by making a plan for the future. An estate planning attorney can assist clients with developing key documents like wills, trusts and powers of attorney and create an overall plan to protect their loved ones.