Valentine’s Day is a special time when couples and families express their love and appreciation for each other. One way to show your love is to ensure your estate plan reflects how you want to take care of your family and the ones you care about the most. Putting a thoughtful estate plan in place is a selfless act of love that benefits those you leave behind. Everyone needs to consider the implications for their loved ones by having or not having an appropriately crafted estate plan!
If you are a couple but not married, this can prove challenging from an estate planning standpoint. You may live together, share everything, and care for each other very much. Unfortunately, none of that matters when it comes to the law. In the event of your loved one’s untimely demise, you will only be entitled to your share of jointly-owned property. Their family will receive everything else – unless you have a proper estate plan. If your loved one is incapacitated, your loved one’s family, not you, may have priority in making those decisions. You don’t have to get married to ensure your loved one’s future, but you do need to give them the gift of an estate plan.
If you are a married couple, you need to consider the benefits estate planning has for your spouse in the event of incapacity or death. If you are incapacitated, your spouse may have to go to court through what is known as a “conservatorship.” A conservatorship is an expensive, intrusive, and cumbersome process. The last thing we want is to deal with lawyers and a court process when our loved one is incapacitated. Our loved one needs our attention and energy directed toward their care or recovery. The same is true when a spouse passes away.
If you are not in a romantic relationship, you need to consider the benefits estate planning has for you! Colorado’s statutes provide a hierarchy of who should be named to care for your affairs if you are incapacitated or deceased. However, are you sure that the Colorado legislature was “right” when they made those decisions for you? Do you even know who those decision-makers would be? Show yourself some love and create a plan based on your wishes, needs, and knowledge! That way, if actions need to be taken on your behalf, it was YOU who chose a trusted decision-maker rather than the state of Colorado!
With good awareness and professional guidance, estate planning can provide peace of mind, free of future complexities. Every adult should carefully examine their estate plan, or lack thereof, at least once a year. Why not use Valentine’s Day to engage in that examination? After all, estate planning provides security and certainty in the face of significant events impacting you and those you love.