What kind of estate planning do I need in Colorado?Sponsored Answer
Wills in addition to General Financial Powers of Attorney and Medical Durable Powers of Attorney (POA) are highly recommended estate planning documents. Additionally, individuals may choose to execute CPR directives or purchase Long-Term Care insurance from their respective health care provider and insurance agent.
A Will is a legal document that allows for the distribution of your property upon your death. Wills can come in many different forms, from very complex that have different trusts for tax planning purposes to simple. Each Will should be tailored for the client's individual needs and Form Wills should be avoided. You should review your Will every time there is a significant change in your family or financial situation.
A General Financial POA is a document which allows you to appoint an agent to act on your behalf and take any legal and financial action you would take. It is Durable because it continues to be valid even after you become incapacitated. If you are incapacitated, a Durable POA is crucial, because it allows your agent to pay your bills, manage your assets and generally attend to your affairs.
A Medical POA appoints an agent to speak for you regarding medical treatment decisions when you cannot do so for yourself. These have much wider application than Living Wills because they are more flexible and you can set forth your wishes regarding quality of life issues. Most elder law attorneys prefer the Medical POA to a Living Will because current legislation requires less comprehensive Living Wills to "trump" Medical POA's agent authority. For more answers, contact [email protected]
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