Is estate planning early the right course of action?

Is estate planning early the right course of action?

On Behalf of | May 19, 2021 | Estate Planning And Probate

Many people have a desire to get things right. In many cases, doing the right thing may seem obvious or easy, but in others, it may not be simple to determine whether taking a certain action will be the best course. For example, some people may wonder whether estate planning is something they really need to do or if it is something that only wealthy individuals or those with complex estates need to go through.

In most situations, creating an estate plan can be a step in the right direction for Colorado residents. It is not something that just the rich and famous need as a plan could include information that does not directly relate to finances. For example, a person could include details about how they want their medical care handled in a serious situation or who should speak for them in the event that they cannot due to incapacitation or other issues.

It is also important to remember that an estate plan is not just for someone who is facing a serious medical condition or for the elderly either. Some reasons younger individuals and those in good health could benefit from a plan include:

  • Making sure that any minor children a person has will be taken care of by a trusted person in the event of the parent’s untimely demise
  • Protecting assets for biological children in the event that a person divorces and remarries, which may mean a new spouse and stepchildren come into the picture
  • Ensuring that assets go to specific people rather than being distributed according to state law

It is a regrettable reality that unfortunate circumstances could affect any Colorado resident of any age. Someone who is healthy and full of life one day could experience a life-altering accident that puts his or her estate planning instructions into effect much sooner than anticipated. Even if a person plans early and does not need the plans for years, the terms and instructions can be changed whenever the person sees fit to ensure that they continue to fit one’s ever-changing life and needs.