Using Estate Plans While Living
Most people think of estate planning as advance preparation for actions that will only be implemented after your death: how your estate will be divided among your beneficiaries, how estate taxes will affect your loved ones, etc. Therefore, many people wait too long before starting their estate planning.
In reality, you can use estate planning to make decisions that can be carried out while you are still living. Here are some examples of estate planning documents that can outline your wishes:
- Incapacity: if you should become incapacitated for any reason (disease, injury, etc.) and are unable to make coherent decisions for yourself, you can appoint a specific person to make decisions on your behalf. A Conservator and/or Guardian will be appointed by the court if you have not specified someone to fill this role.
- Decision makers: you can appoint a medical power of attorney to make medical decisions on your behalf. You can also appoint a general power of attorney to handle your financial affairs while you are still living.
- Medical care: incorporating a living will into your estate plan will give physicians and your loved ones exact directions on how you want to be cared for if you are faced with life-prolonging medical treatment options.
If you would like help in creating an estate plan that will protect you in life and your assets after death, contact the Denver estate planning lawyers at The Brown Law Firm LLC at (303) 339-3750 or send us a message online to meet with our experts and devise the right plan for you.