Having a strong estate plan in place is one of the best things that you can do to protect your family. It can also reduce the chances that you will have to go through the probate process and the possibility of a dispute between your loved ones after you die.
Wills and Trusts
Wills are the basic legal documents that allow you to determine who will receive your property and assets after you die. They also give you the power to make decisions for your medical care in the event that you become incapacitated.
Trusts are a more sophisticated type of estate planning document, and they can provide many benefits. These include avoiding probate, tax-minimization opportunities, asset protection, and more.
A trust can be created during your life or as part of your will. You can name a trustee to manage the assets in the trust and beneficiaries to receive the payouts.
You can also put your assets into a trust in the event that you become mentally or physically unable to handle your own affairs. This can help your loved ones avoid the costly and time-consuming process of probate. These types of trusts can be revocable or irrevocable. They can also be customized to meet specific needs, such as protecting children with special needs.
Power of Attorney
A power of attorney is a legal document in which you give someone the authority to make important decisions for you in the event you are no longer able to make them yourself. An Estate Planning Attorney in Centennial CO can help you determine what type of power of attorney will best meet your needs and goals.
Generally speaking, it is very important to create separate powers of attorney for your health care and finances so that you can name people who can make the decisions you want them to. It’s also a good idea to choose a primary agent and have an alternate (or backup) agent named as well.
Creating your power of attorney documents can be a bit confusing, so it’s a good idea to consult with an experienced Estate Planning Attorney in Centennial CO. They will be able to guide you through the process and answer any questions that may arise. They can also help you draft the documents in a way that will protect you and your family.
Advanced Directives
Having an advance directive can help ensure that your wishes are carried out when you are unable to speak for yourself. There are many different types of advanced directives, but the most common ones are living wills, durable medical powers of attorney, and POLST (portable medical orders).
An advance directive allows you to state your preferences for specific things such as a do not resuscitate order, organ donation, or end-of-life care. You may also choose to specify the type of pain medication you want, if you wish to be on dialysis, and other things.
Having an advance directive is important whether you are young or old. It will give your loved ones peace of mind knowing that you have taken care to express how you want to be treated and what you want to do when you are no longer able to speak for yourself. However, it is important to understand that laws around advance directives vary from state to state, so it is always a good idea to have your documents reviewed by an experienced estate planning lawyer.
Probate
Probate is a legal process that administers the distribution of a deceased person’s assets. It involves identifying the estate’s assets, paying debts and taxes and distributing property to the rightful heirs.
The process of probate can be complex and often takes several months to a year. However, it is possible to avoid the probate process entirely through estate planning techniques.
An Estate Planning Attorney in Centennial CO can help you navigate the probate process with solid legal advice and guidance. This can help ensure a smooth transition for your family and protect your estate from unnecessary fees and taxes.
Probate is a complex process that can be challenging and confusing for many people. If you have questions about the validity of a will, how your assets are distributed or managed, or estate taxes, contact an Estate Planning Attorney in Centennial CO today. Our attorneys will work diligently to see your goals are met and your wishes carried out.
