You may not feel old enough to need a Colorado estate plan, but failing to have one may lead to a loss of control over your affairs, finances, and health care. That said, a solid estate plan does not need to take considerable time or money to create. A simple estate plan comprised of just three components may give you more peace of mind when it comes to your assets, your financial affairs and your future medical needs.
What three components do you want to be sure to include in your estate plan?
When you die without a will, you may leave your loved ones scrambling. Having a simple will may help you avoid having judges or state officials decide what happens to your legacy. Having a will may also help reduce possible infighting among your family members and loved ones.
A financial power of attorney
Giving someone financial power of attorney helps ensure that you cover your bases when it comes to your finances. Giving someone the responsibility of managing your debts and finances helps ensure that your loved ones do not find themselves on the hook for unanticipated expenses.
An advance health care directive
An advance health care directive spells out your wishes with regard to medical care in the event that you are unable to vocalize them yourself.
Having a will, a power of attorney and an advance health care directive may help give you peace of mind as you age. Having these documents created ahead of time may also take much of the stress off of your loved ones after your passing.