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Best Estate Planners in Denver

Colorado Estate Planning Blog

Rising healthcare costs highlight the importance of estate planning

As seniors age, they often see an increase in their health care needs. In Colorado, costs for a rapidly aging population are expected to explode in the coming years.

The rise in costs could affect everyone in the state, but we also want to highlight why these numbers show the value in estate planning.

How to provide for your pet if they outlive you

When it comes to estate planning, not many people in Colorado give much thought about what will happen to their pets when they die. Many of them assume that they will outlive their pets so there is no need for them to plan for their care. As uncomfortable as it may be for them to think of life without their pets, it can be even more unbearable for them to think of the life their pets may live when after they are gone.

Pet owners who want to ensure that their pets are cared for according to their wishes should make provisions for them in their estate plans.

It’s never too late: Estate planning after retirement

Have you been putting off your estate plan? It can be hard to focus early in life on what to do with your assets. The very thought of no longer being around for your family is hard to approach, but once you reach retirement the need to have complete a full estate plan begins to feel very real.

It’s never too late to create plan. If you have been putting off creating a will or establishing how your assets will be divided up after you are gone, there’s no better time to start. Here are some steps you should take.

3 ways having a baby can jump start your estate plan

Having a baby is a life changing event. Not only does this new addition convert a couple into a family unit, but the little bundle of joy may also impact how the couple views the world around them. If the financial impact of raising a family has not yet become a reality, this truth will become apparent after receiving the bill from the hospital for the labor and delivery process.

New parents can respond to this newfound reality in a positive manner by taking action. Having a baby is an excellent opportunity to review your current financial situation and set yourself up for future financial success. Three specific ways a baby can help jump start these plans include:

Health care decisions and estate planning

It is not uncommon for older people in Jefferson to develop health conditions as they age. However, many of them do not take their health into account when they are making their estate plans. They might be so concerned about dividing their estate up fairly, that they forget to add instructions regarding their care if they were to become severely ill or incapacitated. Once people become severely ill or incapacitated, they lose their ability to make medical decisions for themselves. People should take some time to make decisions about their end of life care needs now, so their families and loved ones will not be burdened with them.

Living wills and healthcare power of attorney

How to Choose Your Power of Attorney

Unfortunately, many people do not understand what a power of attorney is or how it will affect them until they are in a situation in which the absolutely need one. However, everyone should at least have a basic understanding of how power of attorney works and what responsibilities are held by a power of attorney. Power of Attorney refers to a legal document which gives one person the legal authority to act in financial and legal matters on behalf of someone else.

It is very important that you take great care and exercise sincere caution when selecting your power of attorney. Seeing as how they will have a great deal of power of you should you be incapacitated, it needs to be someone that you can trust with all of your finances and someone you feel comfortable with. Make sure that they wouldn't hold any motivation to steal from your or be tempted to act in any way that would not be in your best interest.

How can I avoid being financially exploited by my POA?

Financial exploitation is a becoming a major problem for many seniors in Colorado. At the Law Offices of Karen Brady, P.C., we understand that many seniors who have powers of attorney are interested in learning how to protect themselves from financial exploitation. We recommend for them to carefully examine their options and take the following factors into consideration when choosing their POA.

Limit the capacity to act

Might a living trust be the right estate planning tool for you?

At the Arvada Law Offices of Karen Brady, P.C., we create comprehensive estate plans for our clients. As we have previously blogged, the revocable living trust is a vehicle that can allow you to bypass the probate process in Colorado state court as well as provide a seamless way to have your assets managed without court involvement should you become incapacitated.

These trusts are revocable, meaning that the grantor can change the trust terms or terminate it, making them flexible when life brings unexpected changes.

Understanding Wills & Estate Planning

Formally known as a last will and testament, a will is an important component of planning any estate properly. A will is a legal document which serves to allocate a person's assets, finances, and property upon their death.

Estate planning is not a "one size fits all" process. Each person and situation is unique, requiring careful and diligent estate planning. Different types of wills have been established to help cater to these differences. Here is a list of four of the most common types of wills:

  • Simple Will
  • Testamentary Trust Will
  • Joint Will
  • Living Will
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