It is not uncommon for older people in Jefferson to develop health conditions as they age. However, many of them do not take their health into account when they are making their estate plans. They might be so concerned about dividing their estate up fairly, that they forget to add instructions regarding their care if they were to become severely ill or incapacitated. Once people become severely ill or incapacitated, they lose their ability to make medical decisions for themselves. People should take some time to make decisions about their end of life care needs now, so their families and loved ones will not be burdened with them.
In 2016, Colorado law changed to allow anyone owning a car registered in the state to name a beneficiary to receive that car without having to go through probate. This can make estate planning for modest estates even easier.
Unfortunately, many people do not understand what a power of attorney is or how it will affect them until they are in a situation in which the absolutely need one. However, everyone should at least have a basic understanding of how power of attorney works and what responsibilities are held by a power of attorney. Power of Attorney refers to a legal document which gives one person the legal authority to act in financial and legal matters on behalf of someone else.
Financial exploitation is a becoming a major problem for many seniors in Colorado. At the Law Offices of Karen Brady, P.C., we understand that many seniors who have powers of attorney are interested in learning how to protect themselves from financial exploitation. We recommend for them to carefully examine their options and take the following factors into consideration when choosing their POA.
At the Arvada Law Offices of Karen Brady, P.C., we create comprehensive estate plans for our clients. As we have previously blogged, the revocable living trust is a vehicle that can allow you to bypass the probate process in Colorado state court as well as provide a seamless way to have your assets managed without court involvement should you become incapacitated.