Understanding the Basics of Estate Planning in Colorado
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Benefits of Estate Planning
Estate planning allows you to anticipate and eliminate any issues that could occur in your absence or due to your incapacitation.
Creating an estate plan doesn’t mean you’re about to die or enter a coma. You’re only making sure that if such incidents happen, your family and loved ones are clear on your wishes for your assets and the things or people you care about.
Some of the benefits of having an estate plan include the following:
You Can Protect Your Assets From Creditors
If you are susceptible to constant lawsuits due to your status or the nature of your business, or you engage in frequent high-value credit transactions, you risk losing your assets if a transaction or lawsuit goes south.
In such cases, your creditors or the successful party in a lawsuit may seek to collect what they’re owed by disposing of your assets. When this happens continuously, you may have nothing left after some time.
There are asset protection techniques in estate planning that suit people in your position. With these techniques, you can secure your assets and shield them from such third-party claims.
Everyone Is Clear on Who Inherits Your Assets
Many families have been torn apart due to inheritance issues after the death of a parent or loved one. In many such cases, the deceased failed to specify who gets what before passing on, leading to confusion and other negative emotions among their surviving family members.
You can save your loved ones from such property wars by setting up a comprehensive estate plan that specifies who your estate’s beneficiaries are.
Estate Planning Helps You Prepare for Incapacity
Estate planning allows you to prepare for possible incapacity due to illness or injury.
You can leave instructions detailing who you want to make medical decisions, manage your business, or act on your behalf in such circumstances. That way, there’s no confusion on how you need things done.
You Can Help Your Loved Ones Avoid Probate
Probate is a legal process that the estates of most deceased persons pass through. The process is typically handled by the probate court in charge of where the deceased resided. It could be long and complicated, yet until it is completed, the deceased’s beneficiaries cannot assess any inheritance from the estate.
You can help your loved ones avoid the probate process or minimize its impact through estate planning. An estate planning lawyer can provide more details on how this works.
How an Estate Planning Attorney Can Help
There are several other estate planning devices and techniques beyond those mentioned in the previous section. It may be difficult to determine which suits your needs or if more than one would be more appropriate. That’s why you need a skilled estate planning attorney.
An estate planning attorney can assess your situation, take note of your specific needs and goals, and help you create a plan that benefits you.
Many of the available estate planning tools are regulated by law and must meet specific legal requirements to be valid. Estate planning lawyers understand the applicable laws and can help ensure that the tools and corresponding estate planning documents used in your estate plan meet the required standards.
Estate planning is a continuous process. You may need to review and amend your estate plan as your circumstances change. An estate planning lawyer can help keep your plan updated to ensure it reflects your current status.