When you think of shopping for your Valentine, a visit to an attorney’s office is probably not what you have in mind. An attorney’s business card falling out of a specially chosen Hallmark card does not exactly scream romance on a holiday where flowers, chocolate, and jewelry have become the norm! However, creating an estate plan for your loved ones is one of the greatest gifts that you can give.
Whether you are single, in a relationship, engaged, or married, and whether you have no children, many children, grandchildren, or great-grandchildren, an estate plan is the ultimate love letter for your family. Your relationship status affects the distribution pattern of your estate under Colorado law. To ensure your intended loved ones inherit your property, it is critical that you create an estate plan that delineates exactly how you would like your assets to be distributed.
Whether you are casually or seriously dating someone, that person would not be entitled to any of your possessions or to serve as an agent on your behalf unless you take action! What if that person lives in your house with you? If your house is not jointly titled in the proper manner, your significant other may be in need of a realtor. What if you have been in a relationship with that person for several years and they are your soul mate? Unless you are legally married, that person will not be entitled to inherit from your estate by state statute.
If you are happily married, do you want your spouse to inherit all of your assets? Without a will, there is a chance that your spouse will not be your sole beneficiary under Colorado law. What if you want your children or a family member or a friend to inherit or a charity to receive a share of your assets in addition to your spouse? This, too, should be included in a properly executed estate plan to ensure your assets will be distributed as you intend them to be.
If you have children, do you want them to inherit assets at your death or only upon your surviving spouse’s death? When your children or grandchildren do stand to inherit property, do you want them to receive it in a lump sum or would they benefit from the property being held in trust until they are older and more financially responsible? Also, who do you want to become the guardian and conservator for your children upon your death? If you are a single parent or your spouse is unable to care for your children, are you ready to rely on a state statute or the opinion of a court to determine who will raise your children?
If you are going through a divorce, or are recently divorced, on this Valentines Day, you probably don’t want your ex-spouse to have control over your assets. If you and your soon-to-be former spouse or ex-spouse created an estate plan during your marriage, you may want to consider updating your documents. While some former spouses are able to remain friends, it’s important to consider whether you still want that person to be your agent or a beneficiary of your estate.
An estate plan is more than simply planning to whom your estate will be distributed. An estate plan allows you to leave your special memories behind. This might entail leaving tangible property to a loved one, leaving cash to someone that you want to ensure is cared for in your absence, or including a written note explaining your hopes and desires for someone. An estate plan is your legacy and your final words to your loved ones. An estate plan is a way to provide financial security for your family for the life events that you cannot always predict.
On this Valentine's Day, give the gift of love and schedule an appointment to discuss your estate plan.
Happy Valentines Day to you and yours!