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One of the most essential steps you can take to ensure your desires will be honored when you die or if you become unable to manage your affairs is to participate in estate planning. The estate planning process involves your concerns, goals, assets, how your assets are owned, and your family structure. It is often a complex process. If not done correctly, your wishes may not be carried out after you are gone. Your family members could face immense stress and even financial implications. When you work with skilled Aurora estate planning lawyers, you can be sure that all of your estate planning needs will be addressed.
Estate planning deals with the transfer of your property upon your death, as well as a variety of other personal issues and may or may not require tax planning. The primary document most often associated with estate planning is a will. In addition to your will, estate planning should cover trusts, health care directives, and powers of attorney.
To ensure you set your estate up for success, estate planning should be done with the help of legal counsel and other professional advisors such as your:
There are numerous benefits to you and your family when you hire Aurora estate planning attorneys to help plan your estate. Here are just a few:
Wills, trusts, and other estate planning documents aren’t something you create and never revisit. As various life events happen or your financial situation changes, you’ll want to make sure you’re planning accordingly, and that related legal estate documents still do what you want them to.
Your attorney should carefully review your estate planning documents to determine whether any updates are needed considering your specific goals and wishes. Depending on the situation, sometimes a simple codicil to a will or amendment to a trust will be all that’s necessary. Other times, it may make more sense to re-evaluate your estate plan with the goal of avoiding probate or decreasing estate taxes.
Working with a licensed estate planning lawyer can give you the confidence that your documents are drafted and kept current in accordance with current Colorado laws. Keep in mind that probate and trust laws are state-specific, and they sometimes change. Working with an attorney can give you peace of mind knowing that your estate plan complies with state law and will be executed as such.
Estate planning terms can be complicated and confusing. If you don’t understand or misinterpret what a form is asking, it won’t likely work for what you want it to. Even worse, most estate planning document errors aren’t located until after someone dies. If that’s the case, it’s too late to make changes. When you hire a knowledgeable Aurora estate planning attorney, they will work to understand your desires. They will help you think about various scenarios when drafting your documents that accurately reflect your desires.
One frequently relied upon myth is that your will or trust inevitably applies to all of your assets. However, certain types of property ownership and beneficiary designations on assets, for example, those on retirement accounts and life insurance, pass regardless of your will or trust unless you take action to ensure they work together.
Your estate planning lawyer can examine your assets to provide recommendations and help retitling property and accounts, and altering beneficiary designations, so your estate plan includes all of your assets. Avoiding redundant, expensive, and time-consuming probate proceedings when someone dies relies upon you taking these actions.
Estate planning can be overwhelming and certainly isn’t what most people would consider enjoyable. However, it’s necessary to ensure that your wishes are honored when you are no longer alive and that your family and other beneficiaries don’t have to go through the hassle and expense of probate court. When you work with accomplished Aurora estate planning lawyers at the CNL Law Firm, PLLC, you can be assured that no detail is left untouched. You can count on us to inform you of all your legal rights and options when it comes to estate planning. Schedule your estate planning consultation by calling (720) 370-2171 or fill out our online contact form.
CNL Law Firm, PLLC focuses on helping families regain peace of mind during legal circumstances.