Let’s face it; no one is excited about the prospect of estate planning. However, few things are more critical to the future of your family than an estate plan. By working with a Colorado estate planning lawyer, you can ensure that future generations can enjoy the wealth that you have worked so hard to accumulate over your career.
The new year is a great time to make estate planning a priority. Getting started with a Colorado estate plan is not difficult, and while a comprehensive estate plan may have many facets, families can realize significant benefits by taking just a few steps.
The base of any estate plan is a will. A will is a legal document that explains how the writer would like to see their property distributed at the time of their death. The alternative to a will is the Colorado intestate laws. The intestate laws provide a framework for the distribution of property for individuals who die without a valid will. Of course, the Colorado intestate laws are inflexible, do not allow for exceptions, and do not consider the desires of the deceased. After someone passes on, the court will verify their will and distribute the assets after completing the probate process.
Once someone has a valid will, the next things to consider are living wills, financial powers of attorney, and healthcare power of attorney. Unlike a will, these documents give other people guidance or decision-making powers over the affairs of the person executing them. Each document provides different rights, and can be triggered based on various events. For example, a living will outlines the drafter’s desires when it comes to healthcare decisions that must be made in the event they are not competent to make them.
Another aspect of a Colorado estate plan is a trust. A trust is a term used to describe a legal relationship between three parties. A trust is set up by the grantor, and managed by the trustee for the benefit of the beneficiary. Trusts can be used for a variety of purposes, but often they are used to determine how and when property is transferred to beneficiaries. In some ways, having a trust makes it easier for beneficiaries because they do not need to go through the probate process.
Every Colorado estate plan is different, and online forms do not do an adequate job of ensuring that an individual’s desires will be effectuated.
Do You Have Your Colorado Estate Plan Set Up?
If you do not have a Colorado estate plan, or believe that your estate plan is no longer reflective of your wishes, contact the Colorado estate planning law firm of Braverman Law Group. At Braverman Law Group, we help individuals of all net worths develop comprehensive and effective estate plans to ensure that their wishes are carried out. We can help devise creative solutions to the unique issues your family faces. To learn more, and to schedule a free consultation with one of our dedicated estate planning lawyers, call 303-800-1588 today.