Denver Estate Planning Lawyer
Having an estate plan is very important when considering what you want to happen after your death. Understandably, many people are unsure of where to start or how to facilitate the process of creating an estate plan. A Denver estate planning attorney at Burr Law can help you in this process so you and your loved ones will not have to worry about what to do after your death.
Why Choose Us?
At Burr Law, we have the necessary experience to help you come up with an estate plan to put you and your loved ones at ease and provide peace of mind. Even if you do not anticipate passing away any time soon, we can still help you get your affairs in order so you do not have to worry about it later.
We have personally witnessed the family strife that can result from losing a loved one. We’ve witnessed strained family ties, failed estate plans, and fraudulently obtained unsecured funds. We are committed to protecting your assets to sustain your family’s unity and financial stability.
What Is Estate Planning?
Estate planning is the process of outlining how your assets will be organized and distributed after your death or when you are unable to communicate your wishes for any reason. The process is far more elaborate than just writing this information down or telling someone what you want. It includes official documents, lawyers, witnesses, and other official elements that must be in place to make it valid.
An estate plan can also outline plans for the care of children or dependents of the deceased, such as who should retain custody.
While estate planning may typically be seen as something only the extremely wealthy take part in, those who are not wealthy can also benefit from having an estate plan. Estate planning gives individuals control over what happens to the assets they acquired throughout their life so that there are no arguments over what they would have wanted.
Elements of an Estate Plan in Denver
When it comes to estate planning in Denver, CO, there are a few documents and elements that can be a part of a plan. Some of these include:
- Last Will and Testament. A will is an official document that details what will happen with your belongings, as well as children and dependents, after your death.
- Living Will. A document that spells out your wishes for end-of-life medical care, such as if you want life-sustaining measures to be taken if you become terminally ill or end up in a persistent vegetative state.
- Durable Power of Attorney. A document that names someone to handle your finances and legal issues if you become unable to do so yourself.
- Trust. Trusts are formal arrangements in which someone else holds onto your property so that you can receive the benefits. There are different kinds of trusts, including special needs trusts, permanent trusts, and revocable living trusts. Trusts can help you manage your assets while you’re alive and after your death. They can also help you avoid probate and set aside money for specific things, such as schooling or charity.
- Guardianship. If you have living children who are minors, there can be a clause added to the estate plan detailing wishes for who will be the children’s legal guardian(s) in the event that one or both parents are unable to take care of them.
- Beneficiaries. You can add who will be your beneficiary to certain items in your estate plan. Some of these include retirement money and life insurance payouts.
- Businesses. You can include who you wish to take over, manage, or even take ownership of your business.
- Medical Decisions. A healthcare power of attorney details who can make medical decisions on your behalf in the event that you become unable to communicate your wants and needs.
- Letter of Intent. A document that is not legally binding but tells executors, trustees, or guardians how you want personal items, sentimental assets, or other things that aren’t covered in legal papers to be distributed.
Benefits of Having an Estate Plan
When you have an estate plan, it can outline exactly how you want your assets and other important matters to be handled, managed, and distributed. There are many benefits of having an estate plan.
You are able to have full control over what happens to the things that matter most to you after you die. Others will not have to argue about how your assets should be distributed or managed. Tensions tend to rise when someone passes away, and the added emotional turmoil can make arguing over assets even worse. Having an estate plan avoids all this so that those closest to you can mourn without the extra concern of your assets.
Perhaps one of the greatest benefits of an estate plan is avoiding probate court. Probate court can be a long, tedious process when trying to figure out who should have ownership of or manage your assets. Having an estate plan can cut down the time, money, and stress associated with the probate court. It is also a very public process, with courts, lawyers, and others getting involved. Estate planning is a private process where your finances do not become public.
You can protect your children and dependents who rely on you. You do not have to let their fate be determined by chance or a court. With an estate plan, you can specifically decide what you want to happen to them after you pass away. This gives you and your dependents peace of mind, so neither of you is uncertain about the future.
If you want any business you own to continue running in your absence, you can use your estate plan to appoint a person or group of people you trust to carry on that legacy. This can also help minimize any stalls that may happen in probate court and give you a more seamless process.
If you end up in a situation where you are unable to make decisions for yourself, such as being involved in an accident that leaves you in a vegetative state, you can outline in your estate plan who you want to make decisions on your behalf, especially medical-related decisions.
Colorado Estate Planning Process
When you are planning your estate, you are likely to go through multiple steps to ensure the plan is secure and legally valid. These steps usually include the following:
- Consultation. First, you’re going to want to talk to an estate planning attorney who can give you an overview of what to expect during the process. They can assess the details of your unique situation and come up with a plan for how to move forward.
- Get information. You will want to collect all relevant information regarding your estate. This can include your insurance policies, financial statements, medical records, investments, deeds, and beneficiaries. Anything that is related to the assets or other issues you wish to solidify should have some form of documentation associated with it that should be included. It is better to have more information than you need.
- Analysis. Once your lawyer has all the information they need, they can carefully look over your assets and determine the most effective methods to keep taxes low, help you avoid probate court, and keep your assets safe from creditors. This could mean creating wills, trusts, powers of attorney, and other formal documents that are unique to your needs.
- Document creation. At this point, your attorney can draft initial documentation of your estate plan. Once the first draft of your estate plan is finished, you and your lawyer can go over it to make sure it accurately reflects your wishes. This is when any necessary changes or modifications are typically made before finalizing this legal document.
- Finalization. Once you’ve approved your estate plan, it is time to execute it. You can then sign the document in front of a witness from the notary public, and your attorney can make sure it is implemented properly and legally.
Over time, you can continue to make changes to your plan as things change in your life. It does not have to be a one-time thing, but a living document that can be changed as your life evolves.
Mistakes To Avoid When Estate Planning
When done properly, estate planning can be a huge benefit to you and your beneficiaries. Having a plan puts your loved ones at ease while they are grieving. You will want to make sure your plan is executed properly and without mistakes that can complicate the process. Here are some common mistakes to avoid during estate planning:
- Waiting too late. Sometimes, people will wait until they are diagnosed with a terminal illness before thinking about their estate plan. Others erroneously believe that they will be able to predict or anticipate when they will need an estate plan. The truth is, many people do not know when they will die, and waiting until you are sick could make the process more difficult, adding stress during a time when your health should be a priority.
- Creating a plan without help. Due to the legalities associated with estate planning, it is highly recommended to enlist the help of an estate planning attorney to ensure everything is done within the legal requirements.
- Keeping relevant documents in a hard to access place. Some people leave their wishes in a locked box that may be difficult to open.
- Not having the proper documents. You want to make sure your estate plan is overly clear to avoid disagreements between loved ones and court interference. Be sure to have everything you need, such as your last will and testament, funeral instructions, listed beneficiaries, deeds, and any other relevant documentation.
FAQs
A: When speaking with an estate planning attorney, find out how they handle complicated familial or financial situations, what kinds of estate plans they usually deal with, and how much experience they have with Colorado-specific estate planning laws.
To ensure they meet your needs, find out as much as you can about their procedures, fees, and communication style. Examine their qualifications, customer feedback, and if they provide individualized, long-term advice for revising your estate plan as conditions change.
A: An estate planning attorney assists clients in arranging their assets, drafting wills and trusts, and developing strategies for administering or allocating their estates in the event of incapacitation or death. They can also take care of matters involving healthcare directives, guardianship for minors, and tax reduction. Estate planning lawyers can offer legal advice to ensure your wishes are enforceable by law and your assets are passed on according to your preferences.
A: If you want to make sure your assets are distributed the way you want, avoid family arguments, and keep your legal fees and taxes as low as possible, you should hire an estate planning lawyer. A lawyer can help you deal with tough situations, such as mixed families, owning a business, or having a dependent with special needs. They know how to create legal documents, such as wills, trusts, and healthcare directives, making the process easier and safer for you.
A: In Colorado, estate planning involves drafting legal documents, such as wills, trusts, and powers of attorney, to make decisions about your healthcare and assets after you die. How your estate is handled will depend a lot on Colorado’s specific estate laws, like the transfer process and tax rules. If you have an estate plan, it can give you and your family peace of mind, knowing your assets will be divided fairly after you die.
Contact Burr Law Today
You may have many specific wishes and plans for your estate and family following your death. If you need assistance formulating an estate plan that addresses your needs and is legally valid, Burr Law can help. Contact us today to get started with a consultation.
