Resuming 7 Reasons to Draft a Will (Pt. 1), below, we will continue to point out some of the most important reasons why you should draft a will soon if you don’t already have one in place.

More Reasons to Draft a Will

Do you have powers of attorney set up? If not, it’s advisable that you draft a will. Here are some more reasons to draft a will. Contact us for experienced help with wills and estate planning.

Do you have powers of attorney set up? If not, it’s advisable that you draft a will. Here are some more reasons to draft a will. Contact us for experienced help with wills and estate planning.

Reason 3 – To set up powers of attorney.

In addition to being able to name your beneficiaries and choose how your assets will be distributed upon your passing, a will can also let you designate powers of attorney, which can be critical if you become physically and/or mentally incapacitated in the future. In particular, by taking the time to draft a will now, you can set up:

  • A medical power of attorney – This will empower a specific individual to make important decisions regarding your healthcare if or when you are unable to make these decisions on your own. Medical powers of attorney can be as limited or open-ended as people choose, and they can entrust a person with the legal authority to make decisions regarding resuscitating you, keeping you on life support, donating your organs, etc.
  • A financial power of attorney – This will empower someone to make important decisions regarding your finances if or when you can’t do so for yourself. From handling your bills and debts to making investments on your behalf and overseeing your business’ operations, financial powers of attorney can also be narrow or broad, and they should be entrusted to a responsible person.

Without powers of attorney in place, important decisions regarding your health care and/or finances may be left up to estranged relatives or even total strangers (like judges).

Reason 4 – To help your loved ones minimize the costs and duration of future probate.

Regardless of whether you have a will in place, your estate will likely pass through probate; in fact, as the Colorado Bar Association points out, more than 90 percent of all estates in Colorado have to be probated.

However, if you do draft a will and pass away, your will (if valid and uncontested by your loved ones/the will’s beneficiaries) can:

  • Facilitate the administration of your estate
  • Help your loved ones get through probate faster, which can save them a lot of money, time and stress
  • Help save more of your assets for the people you love (rather than having them go towards legal fees because probate endures for months or years longer than it would have otherwise).

For some more important reasons why you should draft a will soon, don’t miss the final installment of this blog series that will be published soon!

Trinidad and Pueblo Estate Planning Attorneys at Gradisar, Trechter, Ripperger & Roth

If you are ready to craft a will or modify an existing estate plan, the Trinidad and Pueblo estate planning attorneys at Gradisar, Trechter, Ripperger & Roth are ready to provide you with the highest quality legal services. Experienced and respected, our Trinidad and Pueblo wills and estate planning lawyers have been dedicated to helping our clients navigate the complexities of the legal system and to favorably resolving their important legal issues since 1972.

To learn more about our superior legal services and how we can assist you, contact us by calling (719) 566- 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.

Categories: Blog, Estate Planning, Wills