Often, people feel a sense of dread when they think about estate planning in Wheat Ridge or Jefferson County, Colorado. But, usually the dread is felt because the person has some misconceptions about estate planning. Let’s look at some common myths regarding estate planning and uncover the truth.
Estate Planning in Arvada is Time Consuming and Expensive – Myth #1
Honestly, this could not be further from the truth. The only cost related to estate planning is hiring an attorney to draft the necessary documents. And when these documents become necessary, you and your family will save so much money and time by having them in place. If there is no will, durable power of attorney, or advanced health care directive, you family could be forced to take the matter to the court, which is incredibly time consuming and expensive. Planning ahead is not just smarter, it’s less expensive.
Myth #2 – Estate Planning is Just About Money
While money is an important aspect of estate planning, there is much more involved. Proper estate planning will include:
- A will to determine how your assets will be divided after your death
- A durable power of attorney to determine who should handle your finances if you are incapacitated and unable to manage them yourself.
- An advanced care directive to determine who will make decisions about your health if you cannot make those decisions for yourself.
- A guardian to care for your children if you are unable to do so.
As you can see, there is much more to the estate planning process than just divvying out your money.
Myth #3 – Estate Planning is Only for People with Estates in Arvada
You don’t need to be rich to need to estate plan. ‘Estate’ is just a term that refers to everything you own, like a home, car, or money in your bank. Under this definition, almost everyone has an estate, and therefore, estate planning is necessary.