Why Colorado Estate Planning is Critical During the COVID-19 Pandemic

The COVID-19 pandemic has forced many people to do long term thinking, evaluating their life and their future. Thus, many individuals are starting to create a Colorado estate plan, so their family is taken care of in case of their unexpected passing. Despite this recent estate planning trend, 62% of Americans do not have a will and thus are unprepared for what the future holds. Here are a few common misconceptions about developing an estate plan and why individuals should start now, regardless of their situation.

“I Don’t Have Enough Money to Need a Will.”

Regardless of income or assets, it is critical that people create a will. This way, any property, money, or belongings they have are given to the proper recipients. In Colorado, if a person dies without a will, the probate court decides who inherits the assets according to the state’s intestate laws. Depending on the situation, the process can take years as the court shifts through the necessary documentation and evidence.

Even if a person does not think they have anything that can be inherited, they may be wrong. Regardless, the worst-case scenario for everyone is to have a judge decide where their assets go, when all they have to do to void this is draft a short will.

“I am Too Young to Have a Will.”

While talking about death is difficult for many people, especially for younger individuals, it is impossible to predict the future. Similarly to those who have not created a will because they believe they have no assets, it may create a tough situation if they die without an estate plan in place. If a person owns any property or assets, they should have a will regardless of their age. If the COVID-19 pandemic has taught us anything, it is that life can throw a curve ball at any moment. It is always better to be prepared.

“I Have Talked to Loved Ones About What to Do, So I Do Not Need A Written Will.”

Another common misconception is that if an individual has a verbal agreement in place, such as who would take care of their kids if they were to pass away, it is legally binding. Verbal agreements like this are generally not valid. Without a will, decisions like who would get the children would go before a judge. Although the deceased’s wishes may be taken into account, this matter would still be finalized by the court. Instead, if a person puts their wishes into a written document, the court will most often respect their wishes.

Despite a recent uptick in estate planning, many families are still unprepared for what the future holds. Because of this, it is critical to contact a Colorado estate planning attorney who has the knowledge and experience handling estate planning matters to discuss creating a will.

Do You Have a Colorado Estate Plan?

If you or a loved one is interested in creating an estate plan, contact the dedicated attorneys at the Braverman Law Group. Our Boulder estate planning attorneys understand that the estate planning process can be complicated and confusing, so we are here to help. From drafting a will to creating a trust, our attorneys have years of experience with all different estate planning matters. To learn more, and to schedule a free consultation, call us today at 303-800-1588.