If he had wanted, George Carlin could have been a great salesman for estate planning. Maybe you remember his routine about “stuff.” Sometimes oddly enough, we care deeply about our stuff go to great lengths to protect it, not get rid of it, and bring it with us.
We all have a lot of stuff; some of it is worth something, and others is not. But almost all your stuff is valuable to you, but it is yours. Our stuff never comes with us when we die, so you want a way to distribute your stuff to your loved ones.
Most people want the things they care about to go to the people they care about, perhaps to help them remember you.
Document Instructions for Your Stuff
All of your stuff, regardless of where it is, constitutes your “estate” when you die. So, your “estate plan” is your instructions of where you want your stuff to go to whom you want after you die.
Important Legal Mumbo Jumbo
Not surprisingly, an estate plan has to meet certain legal requirements. Your plan can be simple or complex, depending on what you own, how and when you want to give away your stuff, and your loved ones’ lives. It is very important though, that your estate plan follow the legal requirements and your wishes, or your plan may not fulfill your wishes.
How Do You Get an Estate Plan?
The important decisions in your plan are your to make. Your estate planning attorney’s job is to input your instructions into either a will or trust. Yes, anyone can create an estate plan, but the attorney’s job is hard to replace, and you must fulfill those legal requirements.
What Happens if I Just Don’t Get Around to It?
So, what happens if you do not every get around to creating an estate plan? Colorado has default laws that determine where your stuff goes. Unfortunately, you do not have a say in this, and the results can be pretty complicated and messy.
Example 1: If you have two or more relatives that want a specific item, they have to fight it out before a judge, who has the final say. This can get expensive quickly and emotions can run very high.
Example 2: If you are in an unmarried but committed long-term relationship, not having an estate plan means that nothing goes to your partner. Colorado’s default laws give everything to blood relatives. The only way around this is to get an estate plan.
Example 3: If you are married and have kids, your spouse may not get everything, but may have to share with the kids. This may mean that your spouse does not have enough to live on.
If you do have kids, an estate plan is the only way for you to have any influence over who raises your children, and the court will have to make that decision for you.
The Bottom Line
If you are responsible with your stuff while alive, you need to be responsible with your stuff after you are gone. The best way to do this is with an estate plan. Make sure you do it right; contact The Rains Law Firm or schedule a complimentary initial meeting to discuss your goals and options.