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Will FAQs

What is Estate Planning?

Estate planning is how you can take care of your loved ones even after you are no longer able to do so. The three purposes of estate planning are: 1) Control your property while you are alive and well; 2) Provide for yourself and your loved ones if you become incapacitated/disabled; 3) Give what you have to whom you want, the way you want, when you want.

Estate planning addresses the consistent and hardest parts of life, which is when someone passes away. In my opinion, estate planning’s purpose is to help a family’s transition as they cope during such a difficult period in their lives. It is a gratifying and purpose-filled legal service.

Comprehensive estate planning takes the whole person into account. It involves selecting trusted individuals to carry out one’s wishes and drafting documents that carefully guide and protect future generations. Estate planning also goes beyond taxes, wealth, and medical decision making: Many people choose to include things like recorded oral histories and precious heirlooms in their plans. This makes estate planning not just about property, but about the legacy, values, and vision you want to pass along to future generations.

Do I need to do estate planning?

Every individual has different needs, and to receive a full appraisal of your needs for estate planning, I would advise you to schedule a complimentary initial meeting to discuss your situation.

What is a will?

A will is a document that is filed with a court after an individual has passed away. The will tells the court what the deceased person wants to have happen with their property. The court then supervises the deceased person’s Personal Representative as the Personal Representative distributes the deceased person’s property to its heirs.

What are the advantages of a will?

One great advantage of the will is that it is so well known. When most people think of estate planning, they think of a will.

A will is also generally the most affordable estate planning strategy, and so it allows some individuals to have an estate plan when they otherwise would not be able to afford one.

In Colorado, the process to administer a will (or to distribute a person’s property to their heirs) is one of the most advanced and efficient in the United States. It is therefore relatively quick and cheap to administer a will in Colorado.

What are the disadvantages of a will?

A will does not help protect you if you ever become incapacitated.

The administration of a will is public, so anyone can read what the will says. While this is not a true concern for most individuals, it is a factor to consider when deciding which estate planning strategy to adopt.

What is a Personal Representative?

The Personal Representative is also known as an Executor. This is the individual or institution named in a will who becomes responsible for carrying out the instructions provided in your will during the probate process and distributes that property to the heirs. The Personal Representative works under the supervision of a judge and has to report back to the judge on what the Personal Representative has done.

Why does an 18-year old need an estate plan?

Even an 18-year-old has property, and that 18-year old probably cares who would get their property if they pass. Also, a good estate plan also has incapacity planning, which protects the 18-year-old in case of incapacity.

Is a will or trust better for me and my family?

The decision to have a will or trust is an incredibly personal and unique decision. I advise that you meet with an estate planning attorney to help you understand your options and to help you make the best decision for yourself and your family.

Wills

Blogs

Can You Bequeath Your Frequent Flyer Miles?

If you travel a lot, you may have accumulated a lot of travel miles.  As you think about the future, you may want to know if it is possible to pass on your frequent flyer miles if you were to pass.  Those flyer miles could be work a lot of money, so you would not want...

read more

Does My Estate Plan Need to Include My Vacation Property?

Yes! If you own a vacation home, timeshare, investment property, or any other real estate outside of the state where you are domiciled has to be addressed in your estate plan.  If anything, this situation makes a trust vital.  If you do not adequately plan for...

read more

How Long Should You Keep Important Documents?

Even though we are becoming increasingly paperless, we still live in a society that documents everything.  It is becoming increasingly important to know for how long we should hold on to these documents, whether paper or electronic.  Some people through away documents...

read more

How Does My Annuity Fit Into My Estate Plan?

Choosing the annuity that is best for you is important.  Of course, you will think it through and work closely with your financial advisor to choose the right one.  You may still not know how your annuity fits into your estate plan and what happens to the payments...

read more

How Does an IRA Fit Into Your Estate Plan?

When you think of IRAs, you probably think of retirement. But what happens to your IRA money after you’re gone?  What happens depends on a lot of factors, like how you set up your estate plan, who you choose as beneficiaries, and many other factors.  If you do not...

read more

New Baby? Time to Create Your Estate Plan

For many, estate planning is almost always on the back burner.  The reasons why are different: not enough time, feeling you are "too poor," too busy with other life goals, not wanting to think about something bad happening to you, or many other reasons.  However,...

read more

How A Living Trust Helps Your Family

An estate plan has several documents, each with their own purpose.  One such document is a revocable living trust.  There are many reasons why a family may choose to use a trust as part of their estate plan, such as privacy or controlling distributions over time.  The...

read more

Estate Planning For the Newly Married

If you are engaged and about to get married, or you recently got married, you may not realize it, but now is the perfect time to create your estate plan.  You are probably already talking about how to organize your assets, whether separate or joint.  You are also...

read more

Wills

Newsletters

Can You Bequeath Your Frequent Flyer Miles?

If you travel a lot, you may have accumulated a lot of travel miles.  As you think about the future, you may want to know if it is possible to pass on your frequent flyer miles if you were to pass.  Those flyer miles could be work a lot of money, so you would not want...

read more

Does My Estate Plan Need to Include My Vacation Property?

Yes! If you own a vacation home, timeshare, investment property, or any other real estate outside of the state where you are domiciled has to be addressed in your estate plan.  If anything, this situation makes a trust vital.  If you do not adequately plan for...

read more

How Long Should You Keep Important Documents?

Even though we are becoming increasingly paperless, we still live in a society that documents everything.  It is becoming increasingly important to know for how long we should hold on to these documents, whether paper or electronic.  Some people through away documents...

read more

How Does My Annuity Fit Into My Estate Plan?

Choosing the annuity that is best for you is important.  Of course, you will think it through and work closely with your financial advisor to choose the right one.  You may still not know how your annuity fits into your estate plan and what happens to the payments...

read more

How Does an IRA Fit Into Your Estate Plan?

When you think of IRAs, you probably think of retirement. But what happens to your IRA money after you’re gone?  What happens depends on a lot of factors, like how you set up your estate plan, who you choose as beneficiaries, and many other factors.  If you do not...

read more

New Baby? Time to Create Your Estate Plan

For many, estate planning is almost always on the back burner.  The reasons why are different: not enough time, feeling you are "too poor," too busy with other life goals, not wanting to think about something bad happening to you, or many other reasons.  However,...

read more

How A Living Trust Helps Your Family

An estate plan has several documents, each with their own purpose.  One such document is a revocable living trust.  There are many reasons why a family may choose to use a trust as part of their estate plan, such as privacy or controlling distributions over time.  The...

read more

Estate Planning For the Newly Married

If you are engaged and about to get married, or you recently got married, you may not realize it, but now is the perfect time to create your estate plan.  You are probably already talking about how to organize your assets, whether separate or joint.  You are also...

read more

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