Many people are not comfortable with the idea of planning for their death. However, it is necessary if you want to secure your loved ones’ future in case of your untimely demise.
Colorado estate planning lawyers can make sure that your plans are carried out properly. Here’s how your lawyer can help:
If you don’t have a will, your attorney can help draft one for you. If you created a will without your estate planning lawyer’s assistance, it is best that you have it reviewed by an attorney to make sure it is valid, duly signed and witnessed by qualified individuals. Likewise, your lawyer can help in updating your will to reflect the changes that have become necessary over time.
Upon your demise, dealing with your estate becomes the responsibility of the surviving members of your family. If you named an executor in the will, he or she acts as your representative and administrator of your estate. If the executor’s role is challenged in court, Colorado estate planning lawyers can provide legal help and court representation.
If you die without a will (intestate), the state will decide on the distribution of your assets. The entire process can be long, complicated, and stressful. Thus, it would be a sound idea to create your will with the help of a lawyer. This way, when the time comes, the probate process will be smooth and convenient for all parties concerned.
By definition, a trust gives control to a third party (trustee) over an asset. The asset is held on behalf of the legal beneficiary. Some people opt to create a living trust to do away with the probate process. By creating trusts, you can safeguard your legacy, control your wealth, and enjoy some semblance of privacy that would otherwise not happen with probate.
Since the assets in trusts do not go through probate, you can save on time and related fees, and in some cases, on real estate taxes as well. Consult your lawyer on the best type of trust for you.
Planning for the future of the loved ones you will leave behind is best done now. Make sure that your plans will be carried out with the help of an estate planning lawyer.