Estate planning is a thoughtful, loving gift that you can leave behind for your family. This planning ensures that your financial and healthcare wishes are honored upon your death or incapacitation, and that your loved ones are taken care of. A well thought out estate plan can resolve a number of legal questions that are likely to arise after your passing:

• What is the current state of your finances?
• What properties do you own and where are they located?
• Who will inherit what from your estate?
• Do you have any minor children who need a personal guardian?
• Which taxes will need to be paid out of your estate in order to transfer your property?
• Which funeral arrangements do you prefer and how will they be paid for?

Any property you own at the time of your death, including real estate, bank accounts, and life insurance policies make up the contents of your estate.

Leaving behind an estate plan can quickly identify all the family members, friends, and other loved ones that you wish to have receive your property after you die. An estate plan can help your surviving relatives minimize the amount of taxes they’ll have to pay out of your estate in order for your property to pass on to them. Your estate plan can avoid the significant time and cost associated with the probate process and can also allow you to decide on the types of medical care you wish to receive, if you are unable to express those wishes. In addition, crafting a will and an estate plan can clearly define the types of funeral arrangements you would prefer and exactly how you wish for those expenses to be paid for.

Truly understanding which estate planning options are ideal for your situation can be a very daunting task. It is important to find an very experienced estate planning attorney in the Denver, CO area to guide you through this process. It is always the best course of action to take time to consult with this estate planning attorney before making any legal binding decisions about what you wish to have happen when you pass away or become incapacitated. It is imperative to ensure that you are in compliance with all Colorado laws.

Investing in putting an estate plan in place is a meaningful step you can take to provide for your family. Taking the steps to ensure that your estate plan is complete can be difficult. An experienced Denver estate planning attorney can clearly explain all your options and help you meet your personal goals to fulfil the needs of all your loved ones. Whether those needs include updating an existing plan or creating a brand new estate plan, it is always best to work with a knowledgeable estate planning attorney in Denver, CO to begin your estate planning process.

Estate Planning Isn’t Just For Rich People

Contrary to popular belief, estate planning isn’t exclusively for the elderly or wealthy. In fact, estate planning is a critical process for any person who wants control of what happens to their assets, healthcare decisions, and finances. Whether you are a young professional who is just starting out your career or a retiree, estate planning should be your priority.

Unfortunately, many Colorado residents make the mistake of considering the creation of an estate plan to be a one-time occurrence. However, estate planning is not a one-and-done task, it’s a dynamic process. Laws shift suddenly, and life circumstances can transform over time. It is important to keep your estate plan relevant and up-to-date throughout your entire life.

Don’t fall into the trap of assuming that estate planning is only necessary for those who are elderly or wealthy. Every adult needs to create and update their own estate plan in order to protect their important decisions regarding their assets, healthcare, and finances.

Avoid Falling Behind In The Shifting Landscape

Estate planning is like a living document, constantly adapting to new laws and personal changes in people’s lives. Colorado’s estate planning regulations, for instance, can undergo revisions that impact how your assets are managed and distributed. Therefore, it’s essential to stay updated about any legal changes that could affect your estate plan.

Additionally, as you progress through different life stages, your priorities may shift. Major life events such as marriage, the birth of children, or the acquisition of significant assets warrant the thorough review of your estate plan with a qualified estate planning attorney. Being proactive in this way will ensure your wishes are consistently reflected in your estate planning documents.

Create A Trust!

Creating a trust cannot always completely guarantee that your estate will avoid probate. However, it will drastically decrease the odds of a probate becoming necessary. Let’s delve into some trust options that can significantly benefit your estate plan:

A Revocable Living Trust:

The most common trust used in typical estate planning, a revocable living trust, is usually created intending to avoid a long and expensive probate process. This trust is a great way to ensure that your assets will go to the intended recipients immediately after you are gone. A revocable living trust can contain sub-trusts and is a good option to start with when discussing trust options with your estate planning attorney in Denver, CO.

Grantor Trust:

A Grantor Trust is a strategic mechanism for transferring property while avoiding probate and reducing tax liabilities. This trust structure can help safeguard your assets for your heirs.

Irrevocable Living Trust:

An irrevocable living trust is an advanced estate planning tool. This trust should be created only with the explicit advice of an estate planning attorney to transfer your assets to a person you feel is competent to manage those assets.

By understanding these trust options and seeking professional legal guidance, you can protect yourself, ensuring your estate plan remains current and effective throughout your lifetime. The key is to bear in mind that estate plans require ongoing attention and adjustment in order to be secure for you and your loved ones.