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Whether you are just starting off in the adult world or have been around the block a time or two before, it is important to get your affairs in order. But estate planning involves far more than simply drawing up a legal document that explains who you want to pass your assets down to when you pass away.
If you hope to protect yourself, your family, and your future, work with an experienced Arvada estate planning attorney from Colorado Estate Matters, Ltd. Schedule your free consultation by calling our office at (303) 713-9147.
Selecting the right estate planning attorney for you is never easy. But here are some of the benefits of choosing Colorado Estate Matters, Ltd.:
Estate planning, which encompasses managing and distributing all assets you own. Everyone must guarantee their wishes are followed upon incapacitation or passing. Regardless of the size of these assets, drafting a suitable plan with the assistance of an Arvada estate planning attorney can offer significant benefits.
Parents with minor children or children with special needs require a thorough estate plan to ensure their children’s needs are met when they are no longer around. An Arvada estate planning attorney can help you designate a guardian for your children and establish a trust to secure financial resources for their upbringing and care.
If your child has special needs, your estate plan should consider their lifetime care and eligibility for governmental benefits.
If you have substantial assets, estate planning can give you peace of mind that your wealth will be distributed according to your wishes, and the maximum amount will be passed on to your heirs. It can also help mitigate estate taxes and protect your assets from creditors. An Arvada estate planning attorney can help you set up trusts, gift strategies, and other tools to manage your wealth effectively.
Estate planning is also crucial for individuals with disabilities. Through a well-crafted estate plan, they can manage their assets, secure their healthcare decisions, and maintain their eligibility for public benefits. It is advisable to consult an Arvada estate planning attorney who can guide you through establishing a special or supplemental needs trust that won’t interfere with receiving essential government benefits.
Estate planning holds particular importance for senior individuals. With advancing age, it becomes vital not only to prepare for the distribution of assets but also to anticipate the potential of incapacitation.
With their expertise, estate planning professionals in Arvada, CO are equipped to assist in crafting these crucial documents. Their guidance can offer the security of a well-planned future, mitigating potential risks and uncertainties.
One of the biggest questions Arvada residents have is, “When should I start planning my estate?” Many people make the mistake of waiting to start planning their estate until they have reached retirement age.
But the truth is, as soon as you become a legal adult, it is important that you have some kind of estate plan in place. This can help protect you and your family in the event of your passing.
One of the best ways to ensure that some of the most important elements of a strong estate plan will be included in yours is to make sure that you are working with an Arvada estate planning attorney.
There are many different components that could go into crafting an estate plan. And not every element will apply to you or your family.
Some of the most important details we will go over when formulating your estate plans include:
An Arvada estate planning attorney can help you set up a revocable or irrevocable life insurance trust. These trusts remove the proceeds from your estate, potentially lowering your estate taxes and providing immediate cash for your beneficiaries.
Living wills allow you to specify the type of medical care you wish to receive, especially end-of-life care, should you become incapacitated and unable to make decisions. With the help of an Arvada estate planning attorney, you can draft a living will that provides clear instructions for your healthcare providers and family.
A financial power of attorney designates a trusted individual to manage your financial affairs if you become incapacitated. The scope can be broad or narrow, covering aspects such as managing bank accounts, paying bills, and handling real estate transactions. An estate lawyer in Arvada, CO can guide you through this process.
A medical power of attorney designates someone to make healthcare decisions on your behalf if you cannot. It’s a critical part of any estate plan and should be drafted under the guidance of an experienced Arvada estate planning lawyer.
Life insurance is an essential part of an estate plan, providing a source of income, funding for burial expenses, or inheritance for beneficiaries. Your Arvada estate planning attorney can help you identify suitable beneficiaries and explain the potential tax implications.
Living trusts offer a way to manage your assets during your lifetime and smoothly transfer them to your beneficiaries upon your passing without the need for probate. Your attorney can help you create a living trust, choose a reliable trustee, and decide how your assets should be distributed.
If you have a child or other beneficiary with special needs, a special needs trust can ensure they remain eligible for government benefits while receiving an inheritance. An estate attorney in Arvada, CO can help establish this trust, select a trustee, and ensure the trust provisions meet all legal requirements.
The documents we’ve discussed above are just a few of the components that we may use to craft your estate plan. Every person’s estate plans are different depending on their financial situation, the size of their family, any remaining debts they might have, and more.
You may also want to take time to work with your attorney to figure out ways to help your family avoid having to put your estate through probate and dealing with any disputes that may arise as a result of the contents of your estate plans, preemptively. Find out what it will take to put together strong estate plans for you and your family when you contact our office for a free consultation.
In your consultation, be prepared for an in-depth conversation regarding your assets, liabilities, and desired outcomes for your estate should you pass away or become incapacitated. The lawyer’s role extends beyond just providing legal advice. Your Arvada estate attorney will guide you in understanding various estate planning tools, from wills and trusts to power of attorney and life insurance policies.
The objective is to aid you in selecting the most appropriate tools tailored to your specific needs. This process is collaborative, emphasizing a cooperative approach. Together, you will ensure your estate plan aligns seamlessly with your unique circumstances and long-term goals.
If you are ready to start working on your estate plans but have no idea where to begin, we can help. Do not make the mistake of drawing up inaccurate or incomplete documents.
Schedule your free, no-obligation consultation today when you call our office at (303) 713-9147. Or complete our convenient contact form and we will reach out to you to further discuss your estate plan options going forward.