The New Year is almost here, and while you may have some resolutions ready for 2016, another good one to add to your list is to sit down with your loved ones and discuss your estate plan.
Although these conversations may feel uncomfortable, they can provide a lot of benefits to you and your loved ones, including (but not limited to):
- Clarifying your intentions for your estate and legacy – Your will and other estate planning documents can provide various details for how assets are to be dealt with, minors should be cared for, etc. following death. These details, however, may not reveal your intentions behind these decisions (i.e., why you have made certain decisions or plans).Sitting down to talk about your estate plan with your loved ones can clear up these intentions, helping to eliminate any confusion your loved ones may have about your wishes in the future.
- Explaining your wishes in the event of incapacitation – Estate plans are not only crucial after a death occurs. They can also be important when an accident or illness incapacitates someone, leaving them unable to care and make decisions for themselves.Discussing these aspects of estate plans can help loved ones truly understand what should occur in the event of incapacitation. And this can be essential to minimizing confusion and future stress if incapacitation occurs.
- Figuring out who would best serve as a personal representative – Although you may have an idea of who you would want to administer and settle your estate in the future, talking about your estate plan can reveal whether or not your selection would be comfortable assuming this role in the future. In this way, estate plan discussions can help grantors identify the best options for fiduciary roles, again reducing the stress that loved ones may face later when it is time to carry out the estate plan.
- Encouraging other loved ones to develop estate plans – As you and your loved ones talk about your estate plan, these discussions can inspire them to start seriously thinking about their own affairs and plans for the future. And this can motivate them to develop their own estate plans, empowering more of your loved ones to take control and make essential plans for the future.
Contact the Trinidad and Pueblo Estate Attorneys at Gradisar, Trechter, Ripperger & Roth
If you are ready to develop, update or administer an estate plan, the Trinidad and Pueblo estate attorneys at Gradisar, Trechter, Ripperger & Roth are ready to provide you with the highest quality legal services.
To learn more about our superior legal services and how we can assist you, contact us by calling (719) 556- 8844 or by emailing us using the contact form on this page.
From our offices based in Pueblo, we represent clients in Trinidad, La Jara, Lamar, Walsenburg, Alamosa and throughout the state of Colorado.