If you are young and healthy, you must think that estate planning is unnecessary because you feel in control of your current circumstances. Unfortunately, accidents and illnesses can suddenly strike and take that power, leaving you unable to speak for yourself and express your wishes.
Thus, regardless of age or where you are in your life right now, the sooner you start estate planning, the sooner you can secure your future from unforeseen misfortunes.
Advanced estate planning never hurt
Colorado law recognizes the significance of planning ahead what happens to your estate when you become incapacitated or pass on. Thus, the state allows anyone at least 18 and of sound mind to create a will, which is only one of the legal documents you can prepare as part of your estate planning.
The following are potential reasons to help you assess why you must consider proceeding with the process early:
- While you may not yet have accumulated as much wealth as older adults, you likely have assets you want to protect, such as a savings account, a car or a start-up business.
- You may have a minor child or aging parent dependent on your financial resources and decision-making authority.
- You want to spare your family from lengthy, costly and conflict-ridden probate proceedings.
- You aim to leave a meaningful legacy to the people who matter most to you in your desired ways and not through the court’s judgment.
Even if these reasons apply to your situation, the scope of what you need to do may still intimidate and confuse you. You can start small and develop a more comprehensive plan later that accurately reflects your changing needs.
Estate planning is a continuous process
Your priorities will continuously evolve as you age. The extent of your goals may expand, making the details of your estate planning more complex. For clarity and guidance, a legal advocate who understands your concerns can safeguard the future of your estate for your and your loved ones’ sake.