Catastrophic medical conditions are one of the leading causes of bankruptcy for families. When an accident or unexpected illness happens, family members usually focus on the immediate medical crisis, often while emotions are high and they are forced to make near impossible decisions. Inevitably, the time will come when they must face the reality of the devastating financial picture that remains.
A Living Will (also known as a Durable Medical Power of Attorney) often goes hand in hand with a Last Will and Testament and contains your instructions for medical treatment should you become severely physically or mentally disabled or incapacitated.
With a Living Will in place, you can elect whether (and for how long) you want to remain on life support or what types of medical treatment you authorize to sustain your life.
By taking the time to carefully consider these important matters while you are still healthy, you can ensure that your wishes are carried out and your surviving family members are not emotionally burdened with impossible medical decisions or exposed to the potentially devastating financial burden of end of life care.
People in their golden years are not the only ones who need a Last Will & Testament. A will ensures that your final wishes are carried out for the division of your property, the custody and care of your children, and even the ownership of your pets.
The state of Colorado has specific legal requirements for wills -- requirements that you may not be aware of or find in an online will. A will that does not comply with Colorado law will be deemed invalid and unenforceable. In the event of a challenge to a will that was prepared using an online templete, you're on your own. The company behind the online wills will not provide you with an attorney to stand behind their documents.
Most people have heard the term 'probate' but don't know much about it or how it works. In simple terms, probate is the process by which the courts and an appointed administrator (most likely an independent third party) decide how your estate is distributed -- which may or may not mean that your spouse or your children automatically get everything or even an equal share. Probate is often the only option when someone passes without a Last Will & Testament in place.
You have worked your whole life to provide for yourself and your family. Your Last Will & Testament is a legal document that spells out exactly how -- and to whom -- your assets will be given.