It’s not too late to set up your estate plan before the end of the year. Don’t let your resolution to get things in order for you and your family fall by the wayside. We understand why people put off estate planning. It can be daunting when facing it alone. It comes with complex paperwork and confusing verbiage.
Too many people put off estate planning until it is too late. A life-changing crisis can happen at any time, leaving you vulnerable to losing your life’s work and finding yourself in an unfortunate situation that could have been avoided through proper planning.
So, whether you have an estate plan that needs updating, or have yet to create a plan, following are a few reasons to keep that New Year’s resolution that you made 10 months ago:
- Help loved ones— One of the best ways you can ensure your loved ones are taken care after you are gone is to have a sound estate plan in order. You should take the time to sit down with your family and discuss your estate plan. Remember, if you die without a will or estate plan in place, your assets and belongings are divided up in accordance with Colorado’s intestate succession laws. Life insurance proceeds, funds in an IRA, 401 (k), payable on death bank accounts and property owned in joint tenancy will pass to any surviving co-owners or beneficiaries you named, regardless of whether you have a will or trust.
- Save money— Yet another reason to set up your estate plan is to avoid the probate process. After you pass away, the last thing you want is for your heirs to spend time and money validating your will. An attorney can help you set up a thorough estate plan that bypasses probate or allows for a simplified probate process.
- Keep your affairs private— Without a proper estate plan in place, what you owned when you were alive and who your belongings will go to after you die becomes a public record. You can ensure the privacy of your legacy is maintained by taking the time to create a sound estate plan.
When it comes to estate planning, procrastination is common. While planning your estate may seem like a sad task, it can actually bring you peace of mind. You probably have many questions about the estate planning process. Fortunately, with the help of a legal professional, you can gain a better understanding of wills, trusts, and other aspects of Colorado estate planning.
We would love to help you get your estate plan in order so that you can list new resolutions for 2024!!!