life stages
Planning at Different Life Stages
At Colorado Wills and Estates, we believe that every person needs to consider the difficult issues surrounding their own death or incapacitation. What would happen to your loved ones if you were no longer around? What would happen if an unthinkable tragedy occurred? Who would take care of your children? How would they pay for their care? How do you know if your surviving spouse and children will be taken care of?
We don’t know what the future holds, but Colorado Wills and Estates can help guide you to make the best decisions to secure your loved one’s future. A tailored estate plan is important in all the critical stages of your life. Below is an overview of what’s involved in estate planning for the critical stages of your life.
Planning For Blended Families
As the number of blended families steadily rises, people are beginning to realize the difficult and sensitive issues that are unique to estate planning for blended families. These days, many families include children, stepchildren, former spouses, and in-laws. To figure out how to divide your assets without leaving anyone out, contact Colorado Wills and Estates. Of course, if you do want to disinherit a wayward relative, we can help with that as well.
Planning For Families
Once you’re married,You may assume that you no longer need clear directions about who makes medical and financial decisions for you once you no longer can, or who will distribute and receive your assets. However, when it comes to your health and other critical aspects of your life, you want to be sure. It is important that once you’re married, you should make certain you have an estate plan in place that will actually protect your loved ones when the time counts.
Planning For a Life Partner
Estate planning for a life partner is equally as important as it is for married couples. In fact, estate planning for a life partner is arguably more complicated because you must take into account issues that married couples may take for granted. You will want to make sure that your estate planning decisions about the disposal of your assets, medical decisions, and more will be enforced when the time comes.
Planning For Single Parents
Most parents want to make sure their children are provided for in the event something happens to them. You can have the best intentions for your children, but if you don’t have an estate plan in place, your children may not be protected the way you would want. Colorado Wills and Estates believes that it is extremely important for every parent to think about and decide on both short-term and long-term guardians for their children. We encourage all parents to take advantage of our free Kids Protection Plan. In a few short minutes, our free plan will help you immediately name legal guardians for your kids now to make sure they will never be raised by anyone you wouldn’t want.
Choose a guardian for your child
No matter what your situation is, as a single parent you may wish to ensure that your child is taken care of by a guardian of your choice with instructions on how you wish your child should be raised if you are not there. At Colorado Wills and estates, we will discuss your options and help you implement your choice of who you would want to be the short-term and long-term guardians of your child.
You should also consider whether the same individual who cares for your child on a daily basis should also manage the financial resources you have set forth for your child’s care.
Our Guardian Choice Plan
At Colorado Wills and Estates, we have created a Guardian Choice Plan to help you select short-term and long-term guardians for your child so that your child does not end up in the temporary custody of a stranger or raised by someone appointed by a judge who will never know your wishes.
Life stages – Planning During Peak Earning Years
Research shows that your peak earning years are between the ages of 40 and 55. During these years, it’s likely you have some obligations to take care of. You may have an adult college-bound child or aging parents or both. If you haven’t thought about your estate plan or would like to revisit a plan you put in place years earlier, this would be the ideal time to make sure to make sure the people you care about the most are taken care of.
