Young Couples and Estate Planning in Colorado
All too often younger couples and families put off estate planning because they falsely believe they do not need it. Maybe you believe it is an expense that can wait or that is just altogether unnecessary. This could not be farther from truth. There are many essential benefits that individuals are unaware of when it comes to estate planning.
At Althaus Law, we help young couples in Colorado prepare for the future so they can rest easy knowing everything is setup correctly and in order.
What Would Happen To Your Children If Something Happened To You?
A parent’s desire to protect their children and make sure they have all the benefits the parent can offer is at the top of every mom and dad’s list. Unfortunately, this list usually doesn’t include estate planning even though it is the number one way to easily protect your entire family should anything happen to you.
It’s hard to think about, but couples usually get involved in accidents together. What would happen to your kids if both you and your spouse were incapacitated, or worse? Setting up guardianships for your children can answer this question immediately and make you feel secure knowing your kids are protected life.
Giving Your Spouse The Ability To Make Financial And Medical Decisions
Many people incorrectly assume that their spouse can simply step in and handle everything should the other spouse become incapacitated. This is not true. All jointly owned property will require the signature of both spouses should any major decisions need to be made. An incapacitated spouse can’t very well sign anything. A power of attorney in your spouse’s name resolves this issue in a snap.
As far as medical decisions go, doctors can defer to closely related people in your network, including your spouse, parents and siblings, but they don’t have to. Many states have statutes with a list of individuals that a doctor should consult … Colorado is not one of those states. Having a medical power of attorney ensures that your spouse will have the total authority to make critical decisions, and should you both be incapacitated, it will designate another trusted person who can act on your behalf.
Being Young Doesn’t Make You Invincible
Don’t wait any longer to start protecting your family. Just because you are a young couple doesn’t mean you are invincible. Consult with Jeff at Althaus Law today to start planning for and protecting your future.