It’s a common myth that estate planning is only for the wealthy. However, the truth is that everyone has an estate, even if you don’t hold vast amounts of property.
An estate consists of everything you own, from real estate, investments, and retirement plans to your bank account and furniture. To avoid the state deciding what happens to your estate when you pass in Denver, CO, it’s imperative to have an estate plan that outlines your wishes.
Wills:A will is a document that allows you to name your heirs and how your estate is distributed among them. Other information can be included as well, such as instructions for guardianship if you have minors or other dependents you take care of.
Financial Power of Attorney: Assigning financial power of attorney gives an individual the right to make financial decisions on your behalf if you are no longer able to do so on your own.
Advanced Directive: This is a type of power of attorney related to healthcare. If you become incapacitated, then this directive would follow out your wishes for treatments and other special instructions.
Trusts: Trusts are similar to wills, but they avoid the state process of probate, which can be advantageous in many scenarios. Higher valued estates or estates with other special circumstances may benefit from a trust rather than a will.
It’s never too early to start estate planning. For a complimentary consultation, get in touch with the Law Offices of Brian S. Popp.