A simple reason that many people in Colorado and elsewhere do not follow through with estate planning is that they do not have many assets. They believe that they do not need an estate plan because their families can distribute their few assets as needed without instruction. However, this type of plan can do much more than instruct loved ones on asset distribution, and even those with minimal wealth or assets can still benefit from having a plan.
In particular, an estate plan can address health-related matters that a person may need help with before his or her passing. Individuals may want to consider the following questions:
- Who has legal authority to make personal and financial decisions on the person’s behalf if he or she become incapacitated?
- Who can made medical decisions on behalf of the person if necessary?
- Do loved ones know how the person would want a specific medical issue handled?
- What does the person think is important in terms of medical treatment, life-saving measures and comfort care?
These questions may seem tricky to answer, but they could present themselves in anyone’s life. Fortunately, an estate plan could help interested individuals answer these and many other important questions. In the end, parties may see that having a plan in place brings them a peace of mind they had not anticipated.
If Colorado residents do not want to leave their medical care up to chance in the event that they cannot make decisions on their own, creating an estate plan may be in their best interests. Gaining more information on health care directives, powers of attorney and other similar documents may allow them to see the importance of having a formal plan in place. Discussing matters with experienced estate planning attorneys may be beneficial as well.