While it’s not something anyone loves to think about, Estate Planning is very important to give yourself and your loved ones peace of mind. If done correctly, you can rest easy knowing that everything is taken care of. However, if any mistakes are made, it could cause major issues down the road. Getting an experienced Estate Planning attorney involved in creating, finalizing or even simply reviewing your estate plan will guarantee you set yourself and your family up the way you intended.
Estate Planning Basics in Arvada and Jefferson County
Often, when people are thinking about creating an estate plan, they get overwhelmed with where to begin. Here are the basic places to start:
· Create a will: Sometimes, this is the only thing people think is involved in the estate planning process. While, it is not the only piece, it is an important one and the generally where the estate planning process begins. A will summarizes what happens and how your assets are divided after your death.
· Choose an executor: The executor of your will takes on the responsibility of making sure your will is executed as you planned out.
· Name beneficiaries: Whether you choose to name one person or many, your beneficiaries are the people who will receive your assets, as outlined in your will.
· Choose a durable power of attorney: A power of attorney is someone you want to have handle your finances should you become incapacitated and unable to manage them.
· Create an advance health care directive: In case you are unable to make your ow medical decisions, and advance health care directive allows you to choose someone to take on that responsibility and carry out your wishes.
· Choose a guardian: For parents with children under the age of 18, you will want to name someone or a few people to raise your children should something happen to both their parents.