Lawyers Thoughtfully Serving Clients in Boulder and Denver, Colorado
There is a tendency to put off estate planning until the last moment. It’s understandable, after all, as the topic asks us to consider death and a time when our loved ones are vulnerable. More than that, though, we tend to believe that we have plenty of time to figure out our estate plan. But death comes for all at most unexpected times. And though we may wish to believe that we have all the time in the world, our families deserve better, more competent preparation.
Everyone across Boulder and Denver, Colorado County has an “estate plan”, but far fewer among us have taken the proper steps to create a valid estate plan. Simply hoping that our family members and loved ones will get along and agree that certain assets go to certain people is not enough. An estate plan using a Will and not a properly funded Living Trust will go through the probate process, Unless proper wills were kept establishing your wishes, there will be no guarantee that your beneficiaries will inherit what you intend for them.
Estate planning is for everyone, not just those with money. To protect your valuable assets and better look out for your family’s or children future, defend their best interests with the writing of a will.
At Rocky Mountain Wills & Trusts, our lawyers have extensive experience helping clients and the drafting of their wills. Whether you are looking to name guardianship for the minor children you may leave behind, you’re an elder looking to protect your legacy, or you’re hoping to revise your estate plan following a divorce, our Boulder and Denver, Colorado County attorneys would be proud to serve you through the legal estate planning process. Call our office to schedule a free initial consultation.
Why Do You Need A Will?
Those who do not take the time to draft a will and take other estate planning measures are putting not only their estate but also their family at risk. After death, our estates will pass through probate, wherein our debts will be settled, and our assets will be distributed. During this time, families have been known to tear themselves apart as members fought over what they felt they deserved by rights. While you may have hoped for property to have gone to a certain heir, without putting it in writing, that asset could fall to someone else entirely. And probate court is a public affair.
However, for those with valid wills, probate can go much more smoothly. There is less chance of conflict between your loved ones as the will acts as a guide for how best to respect your wishes and manage assets which you left behind.
Wills can help pass along pieces of real estate property, business ownership, money, and other valuable assets. They need to be reviewed and revised regularly to stay up to date with changes in life, such as the death of heirs, a divorce, or large new amounts of funds.
What is the Difference Between Wills and Trusts?
A guide for how to distribute assets after death can be written into wills. Trusts, meanwhile, are fiduciary arrangements that distribute assets to intended beneficiaries as per the wishes of the trust’s creator (or grantor). An executor oversees wills. Trusts are overseen by a trustee (or successor trustee). Probate is required in all wills. Trusts can avoid probate in most cases, however.
While wills only come into effect following your passing, you may manage the administration of your trust throughout your lifetime and distribute assets and property to your children while you are still with them. Trusts are often even more effective than a power of attorney, which can be especially useful if you ever become incapacitated.
Both wills and trusts are central components of estate planning. However, not every estate needs the inclusion of trusts. To better understand which estate plan options best serve your interests, contact the attorneys of our firm to schedule a free consultation.
Contact Our Law Firm to Schedule a Free Consultation
Whether you are writing a will from scratch or are looking to revise old estate plans that have followed you around for years, it is advisable to speak with a law firm that is familiar with local law in Boulder and Denver, Colorado.
The lawyers of our firm can help you better plan for the future with a strong will and estate plan. To schedule a consultation with an attorney, call 720-782-1012.