“A farmer was looking for hired help for his property. One man came to interview for the work, and the farmer asked him what skills he had. The man replied, ‘oh, I can sleep when the wind blows.’ The farmer didn’t quite understand this response, but he went ahead and hired the man anyway. After a couple weeks a great storm rolled in and the farmer awoke in a panic. He ran outside to check on the animals, the barn, and his equipment. He saw everything was in order and fastened down, and his helper was fast asleep. Then the farmer understood what the man had meant about being able to sleep when the wind blows.”
There’s never been a more urgent time to ensure your estate planning is in order. The fragility of our economic system has been exposed by the novel coronavirus and COVID-19 disease. As a result, more Coloradans are demonstrating their forethought and care for loved ones by ensuring their affairs are settled for the time when they are needed.
Without advanced planning, many people are thrown into a panicked situation in which they receive medical care in a way they never would have wanted. Without a will, their assets go through the probate process, and all too often leads to unnecessary squabbling by those left behind.
Making one’s wishes known in advance benefits both the testator and others. Medical and financial decisions can be made in assurance, rather than by others’ agonizing second-guessing based on misplaced instincts. One’s wishes can be carried out after departure, leading to a smooth and orderly process of affairs. With an experienced attorney to help make your wishes known, you can face uncertain times with more peace and security.
Wills
Without a will, a person dies “intestate,” and their assets, obligations, and final affairs are usually settled by a probate court. In death as in life, most people would rather decide for themselves what happens with their assets, rather than letting the government decide for them.
In addition to allowing the testator to decide, wills provide a smooth, easy process for those left behind. Rather than go to court and wade through legal difficulties later, creating a will in advance allows all concerned parties to proceed the easier out-of-court path, since the judgment of a court isn’t necessary to interpret a clear and well drafted will.
Creating a will in advance allows you to decide exactly what you want to happen, and is easier on those left to behind to deal with after you are gone.
Advanced Medical Directives
These days, most people pass away in a hospital. Although we are thankful for medical interventions which can prolong our lives, sometimes these procedures are invasive and not worth the cost to wellbeing. Most doctors have medical directives that they not be subjected to the most intensive medical treatments at the end of life: procedures like tracheotomy, infusions, certain drugs, etc. They have seen what a person’s final moments can be like up close: either comforting, surrounded by family, or chaotic, uncomfortable, and panicked.
By setting out an advanced medical directive, a person can choose how much care he or she wants to receive when the time inevitably comes, and things go according to their terms. One also releases family of the burden of having to choose between treatments which are highly invasive and promise only a short prolonging of life versus comfort-based care.
Power of Attorney
A power of attorney is a document that allows an agent you choose—someone you trust completely—to act as your representative in important matters. Commonly known as “power of attorney” (more correctly “attorney in fact”), this agent can enter into agreements on your behalf, carry out necessary paperwork that may become burdensome, and arrange financial affairs in your stead. Many people grant their spouse and/or children power of attorney to help them with daily affairs for their own convenience and protection.
Boulder Estate Planning Attorney Walker Fults
Estate planning isn’t glamorous, but it applies to anyone who has assets and will pass away one day. If your affairs haven’t been updated in a while, it’s worth a free consultation with Estate Planning Attorney Walker Fults to see if you could benefit from a power of attorney, medical directive, or will. Walker Fults will work with you to understand your exact wishes, and make them clear in a legal document that will stand up in a hospital, bank, or court if needed. Call Attorney Fults today to start your preparation, so you can sleep when the wind blows.
