First Misconception In Estate Planning

Misconceptions that I hear just from the general public and from some clients. The first one would be, I don’t need an estate plan. The state of Colorado is just going to take care of it for me. Well, there is some truth to that. You don’t necessarily have to have an estate plan for your assets to be transferred at death. You don’t necessarily have to have an estate plan for someone to make decisions for you, but what happens is, there’s a default in Colorado on who’s making these decisions and where the assets go and that default may not be what you want. It also may not be the most convenient thing for your family. If there’s a document in place, we don’t need to go to court to get a judge to help us make these decisions. It’s all in place already. The first misconception I see would be, I don’t need an estate plan.