When you buy a home, you instantly become a major asset holder, and it is more important than ever to have a will in place. Paul Maricle, partner of the Denver law firm Castle Lantz Maricle, LLC, states, “A lot of people do not like to think about wills and death, so it is easy to avoid that topic, but it is important to do a little planning when you are healthy.” Maricle explains that estate planning is not something you want to be dealing with if an unfortunate situation occurs. Making major real estate decisions on top of critical and very emotional medical decisions is something you want to avoid.
You want to ensure that the people you want to inherit your property can do so with the least amount of complications. If you own property and experience a significant life event without a will, no one can legally sell or manage that property. Loved ones will have to go through the complicated and often expensive probate process to gain control of the property.
In addition to having a will, Maricle recommends getting a medical power of attorney, a financial power of attorney, and a living will in place. If you have a situation where you cannot make or communicate decisions, you will want to have the people you trust most with the legal right to make decisions on your behalf.