Having an estate plan is a smart step for everyone, regardless of income level or a person’s wealth. Taking the time to outline what you want to happen to your personal property is prudent and smart, allowing you more control over what will happen to your assets and the health care you may need in the future. If you have not made an estate plan, it is in your interests to consider doing so.
The thought of drafting an estate plan may be daunting to you. What should you include in your plan? Do you need a trust? There are many important factors to consider, and it can be an overwhelming task. Before you begin, it may be helpful to learn more about estate planning and what you need to include to suit your individual needs.
What should be in your plan?
Estate planning requires that a person look at his or her finances, health and goals for the future. You do not need a lot of money or assets to benefit from having an estate plan. In fact, you can craft your plan to uniquely suit your needs and objectives. Some of the things you may want to do as you work on a plan that will work for you include the following:
- Make a list of all of the assets you want included in your plan.
- Think about people you may want to name as beneficiaries.
- Outline your goals and what you hope to accomplish with your estate plan.
- Decide whether you will need to provide for a loved one with your estate assets after your passing.
- Think about what type of medical care you may want in case of incapacitation in the future.
Through a thoughtful, carefully crafted estate plan, you can ensure your assets go where you want them to go. You can also ensure you control what happens to your body in case you are ever too injured or ill to express your wishes.
You don’t have to estate plan alone
Because of the importance of estate planning, you may want to discuss your concerns and goals with a Colorado legal professional before you make any decision that will affect your future. With qualified guidance and careful consideration of the implications of your choices, you can make plans that will suit your needs and give you confidence that your future interests are secure.