1. Not Making a Will at All

Many people delay creating a will, thinking they do not have enough assets or that it is too soon to worry about.  Without a valid will, Colorado intestacy laws decide how your assets are distributed—often in ways that do not reflect your preferences and/or with unintended consequences (i.e. going through a drawn out probate, or requiring conservatorship for minor beneficiaries). Learn more about wills in Colorado Springs.

2. Using Online Templates Without Legal Guidance

DIY wills may seem convenient, but they often leave out key provisions required by Colorado law. Small errors in language or especially execution (i.e. signing, witnessing, notarizing) can invalidate the document or cause confusion later.

3. Forgetting to Update Your Will

Life changes fast—marriage, divorce, the birth of a child, or a change in financial status can all affect your estate plan. An outdated will may not reflect your current wishes and could lead to conflict among beneficiaries.

4. Overlooking Guardianship Designations

If you have minor children, your will should clearly state who you wish to act as their legal guardian. Without this, the court will decide who cares for your children, which may not align with your intentions.

5. Not Communicating Your Wishes

Your will is only effective if your family knows it exists and where to find it. Store it in a secure place, and inform your personal representative and loved ones of its location and contents.

If you avoid these mistakes, you can have peace of mind knowing your family is protected and your assets will be transferred when and to whom you want.  The Law Office of Kevin R. Hancock is here to help you with any and all estate planning needs!

The post Top 5 Mistakes to Avoid When Creating Your Will in Colorado Springs appeared first on The Law Office of Kevin Hancock.

Once a person turns 18 years of age, Colorado law considers them a legal adult.  This means a parent can no longer make legal or medical decisions, or access medical records, for their adult child without the adult child’s consent, even if they remain on your health insurance.  So, for your adult child’s protection and your peace of mind, we recommend you talk with your child about having proper legal documents prepared before they take off on their next stage of life!  Specifically, we recommend the following:

• Medical Power of Attorney.  A medical power of attorney authorizes you to make medical decisions for your adult child if s/he is incapacitated.  They can also nominate backup decision makers in case you are unavailable. 

• HIPAA Release.  As an adult, your adult child’s medical records are protected under HIPAA, even from you, and they control access to those records.  With a signed HIPAA Release, you can have access to your adult child’s medical records and be able to communicate with their doctors, which allows you to continue to be informed and help your adult child with their medical care and needs.   

• Financial Power of Attorney.  As an adult, your adult child now makes their own legal and financial decisions.  You can no longer do that for them absent a legal document granting you the power to do so.   A financial power of attorney authorizes you to make legal and financial decisions for your adult child if s/he is incapacitated.  

• Will. While most young adult children (18-22 years) have not acquired significant assets to be overly concerned about where those assets would go in the event of their death, a Will is still a worthwhile document to have in place, just in case.  

This summer, celebrate your child’s amazing accomplishments!  But, before they leave for their next great adventure, we recommend you have them set up these important legal documents, again, just in case.  We offer a free initial consultation with an attorney, so please give use a call at (719)575-9690.  We look forward to providing you and your adult child peace of mind as they start the next phase of life!

The post Protecting Your Adult Children appeared first on The Law Office of Kevin Hancock.

1. Not Making a Will at All

Many people delay creating a will, thinking they do not have enough assets or that it is too soon to worry about.  Without a valid will, Colorado intestacy laws decide how your assets are distributed—often in ways that do not reflect your preferences and/or with unintended consequences (i.e. going through a drawn out probate, or requiring conservatorship for minor beneficiaries). Learn more about wills in Colorado Springs.

2. Using Online Templates Without Legal Guidance

DIY wills may seem convenient, but they often leave out key provisions required by Colorado law. Small errors in language or especially execution (i.e. signing, witnessing, notarizing) can invalidate the document or cause confusion later.

3. Forgetting to Update Your Will

Life changes fast—marriage, divorce, the birth of a child, or a change in financial status can all affect your estate plan. An outdated will may not reflect your current wishes and could lead to conflict among beneficiaries.

4. Overlooking Guardianship Designations

If you have minor children, your will should clearly state who you wish to act as their legal guardian. Without this, the court will decide who cares for your children, which may not align with your intentions.

5. Not Communicating Your Wishes

Your will is only effective if your family knows it exists and where to find it. Store it in a secure place, and inform your personal representative and loved ones of its location and contents.

If you avoid these mistakes, you can have peace of mind knowing your family is protected and your assets will be transferred when and to whom you want.  The Law Office of Kevin R. Hancock is here to help you with any and all estate planning needs!

The post Top 5 Mistakes to Avoid When Creating Your Will in Colorado Springs appeared first on The Law Office of Kevin Hancock.