If you are one of those individuals who hears “estate planning” and immediately thinks about rich people, you are not alone. Unfortunately, the myth that only the wealthy need a plan has permeated our society for decades. The truth of the matter is that everyone can benefit from an estate plan.
Why Do I Need An Estate Plan You Say?
Allow me to enlighten you. I have a friend whose mother had an unexpected stroke at a younger age. She was the primary caretaker for the family, and while she was in the hospital, none of the bills could be paid because she was the only one authorized to access the financials. So not only was the family dealing with the emotions of having Mom in the hospital, but the house was nearing foreclosure, the car was nearing repossession, and utilities were being shut off, all because no estate plan was in place.
In the end, large court costs and needless expenses had to be endured in order to set things straight. The Mom is still recovering from the stroke, and luckily, she still has a house to call home. Much of the side stress involved with unexpected medical emergencies or accidents can be completely avoided with a proper estate plan. A simple power of attorney would have allowed a designated person to continue to pay bills as Mom would have.
Simply adding someone to your bank account is a possible solution, but a very bad one. A skilled attorney can guide you through all of your options.
Unfortunately, most people don’t realize they need an estate until it’s too late. Once it’s too late, you can’t go back. Plan for the future now, so you can enjoy the present today.
Looking for an estate planning attorney? Reach out to a skilled lawyer at Althaus Law, in Thornton, regarding your plans for the future in Colorado.