Common Estate Planning Questions
Family Law Group has helped many families with detailed estate planning concerns. We wanted to address some questions that you may have about estate planning, as well as the particular benefits of creating a will, trust and other estate planning documents to reflect your final wishes.
When Is The Right Time To Consider Estate Planning?
If you ask yourself this question, it is probably time to come in and talk to us about what we can do to help you draft the right plan for you. There really is no wrong time to discuss estate planning, but there are definitely times where creating a comprehensive plan is an absolute must.
For example — have you recently started a family? Have you started a new career that is providing you with retirement benefits? Are you close to retirement age? Do you have concerns about paying for long-term care as you age? If you answered yes to any of these questions, the time is right for you to come to our office to learn more about your options.
Why Are Estate Plans Necessary?
There are several benefits provided by estate planning. First, you can discuss who you would like to care for your children in the event you pass away unexpectedly. Second, you can clearly state what sort of medical care you should receive if you cannot make these decisions on your own due to incapacitation. Third, you can give your family detailed directions about what should happen to your property upon your death. Lastly, you can devise a plan that keeps your property from being tied up by the probate process. In Colorado, probate can be time-consuming, expensive and also potentially result in disputes that threaten the assets of the estate.
By taking the time to sit down and draft a plan, you save your family from a lot of headaches at what is often a very troubling time for them. You give them guidance, and you can make sure the right people get the right property instead of it passing according to intestacy laws.
Should You Work With An Attorney To Create Your Estate Plan?
You might know someone who has used a form they found on the internet to create their estate plan. They made a simple will that discusses what should happen to their property in the event they pass away. You need to know that these forms are “one size fits all.” They do not take into account anything about your estate or the best ways to protect your property.
An experienced estate planning lawyer can talk to you about the goals you have for your estate, and then discuss how to best accomplish those goals. You will be able to have a plan that is custom designed for your situation, and takes full advantage of the protections available to you.
Want To Know More About Your Estate Planning Options?
If you have more detailed questions about estate planning, we invite you to reach out to our firm today to schedule a consultation. Call our Colorado Springs office at 719-900-3792 or send us an email to find a time convenient for you.