If you have important, valuable assets and a family you care about, you need the services of the best estate planning attorney specializing in estate law. Sound estate planning ensures your loved ones are taken care of in the event that you die or become incapacitated. An estate planning attorney will create a solid estate plan that protects your assets, minimizes the taxes your estate would have to pay, and provides financial security for your family. The plan can also include any charities you want to support.
At Carlson, Edwards, and O’Connor, we provide expert legal advice and services to a wide cross-section of individuals. We offer personalized service to anyone who needs a Summit County real estate planning attorney or a divorce lawyer.
What is the Definition of Estate Planning?
Estate planning is the process of determining how your assets and property will be divided in case of your death. Our estate planning firm is among the top estate planning law firms. We help you in making an effective estate plan that addresses who will inherit your assets. It also includes details regarding end-of-life health decisions if you become incapable of making these decisions. Our Colorado estate planning attorney also helps in minimizing the tax burden on those who inherit the assets.
Common Estate Planning Mistakes in Colorado
There are a lot of mistakes you should be aware of when estate planning. Here’s your checklist:
Having a Will Only
People think that just having a will about where they want things to go can save them from court and probate. This is not the case. When you think about the cost of an estate planning attorney in comparison to the thousands of dollars in legal fees that you will spend once your family goes to court, it is merely a fraction.
Naming Multiple People
A very common mistake is naming many people. For instance, many people name all their children their personal representatives at the same time. If you name more than one person in charge, there is a high chance that they will disagree on things.
Failure to Name Backups
Some people will just add one person as their power of attorney or personal representative. This can create a problem if that person passes away or is unable to serve as your personal representative. You will have no one to act on your behalf.
Irrevocable Trusts
Irrevocable trusts can become a dangerous document for you. You should never make these trusts without the consultation of an estate planning lawyer.
Doing your Plan Online
Doing a plan online is a bad idea, as no one will be the witness for you. When you receive them and print them, they will not be legally binding documents. Being one of the top estate planning law firms we suggest you speak to our attorney who specializes in estate planning.
Transferring Property
You should not draft special warranty deeds yourself. The house you own costs hundreds of thousands of dollars. It is worth bearing the minimal cost and making a proper deed to protect the value of your property. Speak to our attorney to make accurate documents.
Not Discussing with Family
Do not keep the plan a secret. Discuss things with your family.
Advantages of Estate Planning
Here are just some benefits of estate planning:
- Asset Protection
- Ensuring your wishes are fulfilled
- Maintaining privacy
- Support a cause
- Giving you peace of mind
What Does Estate Planning Include?
Estate planning includes the following:
- A Will specifies how you want your property to be divided and your other wishes
- A trust holds your asset for benefit. You will need an estate planning attorney to create a trust.
- Life insurance is paid at your death to your beneficiary. You can leave this for your survivors to provide for your children
- Gifts include the transfer of property to your friends, family, or charity during your life
- A Power of Attorney gives you the right to make financial and legal decisions on your behalf
- A health will is made with the help of a Colorado estate planning attorney
How Our Colorado Estate Planning Attorney Can Help You
Any estate planning lawyer you speak to from our law firm will ensure your needs are met. We can assist with:
Wills - A professional lawyer can help you to ensure your assets are distributed exactly as you wish when you die.
Durable powers of attorney - This document allows you to give someone the power to act in your place even if you become incapacitated.
Living will – Our best estate planning attorney will help you specify which types of medical care doctors can and can’t give you if you become unable to communicate.
Living trust - This is a legal agreement designed to make it easy to transfer your assets without going through probate.
Donor and burial instructions - Your estate plan can include instructions for organ donation and burial or cremation (as per Colorado Revised Statutes 15-19-106) with the help of an estate planning lawyer.
Providing Legal Expertise and Compassion
Thinking about mortality is not easy for anyone. A professional real estate attorney will always be thoughtful, compassionate, and understanding in every consultation with you. You will not feel pressured to complete a will or make up your mind one way or another.
The property estate planning attorney’s role is to be your ally and knowledgeable advisor. You will receive competent, honest, and valid counseling, and, as far as the law permits it, your wishes will be put in a legal document that produces the desired effects.
