People think estate planning comes into play once a person dies. But it actually becomes very important as we get older.
A story in the Denver Post notes that estate planning is more than just a will. It also involves setting up a durable power of attorney for both medical and financial decisions in case you become unable to manage.
A married person has a spouse to act as such an agent. But a single person doesn’t necessarily have that asset.
That means if you become incapacitated, a judge might give that power to one of your relatives. If there aren’t any, a judge could appoint a stranger.
In any case, the story says, whether you are married or single you should have a plan in place. Most Americans don’t even have a will, the story says.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
