Many Colorado residents create their estate plans before retirement, but others choose to wait a while. If you are past retirement age, it is especially important to make sure you have a comprehensive estate plan to address your medical wishes, as well as your financial and personal wishes.
A thorough estate plan will take some of the burden off surviving family members and help prevent legal complications following your death. Estate planning attorneys can help make sure that you cover all your bases, particularly when it comes to your medical care.
Your estate plan should be composed of several documents, including:
- Will: A will should include a list of significant assets, list of beneficiaries, list of debts, and the name of your executor.
- Living trust: A revocable trust will allow you to transfer certain assets into the trust for a trustee to manage until the time comes to distribute the assets to the named beneficiaries, while avoiding probate.
- Financial Power of Attorney (POA): Granting a person of your choosing to make financial and legal decisions on your behalf if you become incapacitated. This person will manage your investments, financial transactions, and bills.
- Healthcare POA: Grants a person of your choosing to make medical decisions on your behalf if you become incapacitated. This person will decide whether you will receive certain treatments, and which doctors/hospitals will treat you.
- Living will: Specifies your medical preferences, including your preferences for end-of-life care.
As you get older, it becomes even more important to make sure your estate plan is up-to-date and contains all the necessary documentation. Estate plans should be updated every three to five years or whenever there is a significant change in your life.