You Have No Estate Plan – What Could Possibly Go Wrong?

January 25, 2022

You Have No Estate Plan – What Could Possibly Go Wrong?

You’ve heard of Estate Planning before and have an understanding that having a plan in place will not only establish how you’d like your property to be handled when you pass away, but also how you can safeguard your well being in the event you can no longer make decisions for yourself.

Yet, for one reason or another, you have delayed calling an attorney to discuss what kind of plan would best suit your needs. You may even wonder whether you really need a plan for yourself.

Click HERE to schedule a Free Consultation with one our Estate Planning Attorneys.

What’s the Worst That Could Happen?

ISSUE 1: No “Last Will and Testament” or “Trust”

If you pass away without an Estate Plan, Colorado law requires that the Court apply the rules of “intestate succession,” which imagine how the Average Joe would like their property to be distributed.

Examples:

  • If you have children, but no spouse, your property will go to your children in equal shares.
  • If you have a spouse and any children you may have are shared jointly with that spouse, your property will go solely to your spouse.
  • If you have living parents but no spouse or children, your parents will inherit all of your property.
  • If you have siblings but no spouse, children, or parents, your property will go to your siblings in equal shares.
  • If you have no extended family, your property may go to the state of Colorado.

SOLUTION

If you would prefer your that property be distributed in a different manner, you will need an Estate Plan that specifically set forth your preferences.

Click HERE to schedule a Free Consultation with one our Estate Planning Attorneys.

ISSUE 2: No “Powers of Attorney” or “Advanced Medical Directive”

If you become incapacitated and can no longer make decisions for yourself and do not have a General Durable Power of Attorney addressing your financial well being or a Medical Power of Attorney addressing your healthcare, your loved ones may need to ask a Court to appoint them as “conservator” or “guardian” in order to make financial and healthcare decisions for you.

SOLUTION

Without an Advanced Medical Directive (sometimes referred to as a “Living Will”), your loved ones will be without guidance about what kind of healthcare you would like to, or prefer not to, receive. Instead, they will be forced to make guesses about your preferences.

Click HERE to schedule a Free Consultation with one our Estate Planning Attorneys.

At the Johnson Law Group, Your Family Matters.  Our team takes the time to understand your concerns so that we can fully advocate for your rights.

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