When is the Best Time to Begin Estate Planning?
We all have plans to live very long lives and attend to business when the time seems appropriate. But tragedies can strike instantly, leaving your family in a vulnerable situation, causing unnecessary stress and hardship. The subject of death and planning for the end of life can be complex, bringing to the surface emotions we are unsure how to approach.
But it is necessary to have a plan, which should begin sooner than you think. Not only does this plan serve to execute your wishes in the event of your death, but it may help reduce estate taxes and income tax liability while you are still living. With compassionate guidance, serving your best interest, a trustworthy team of estate planners in Colorado can help you find ease in preparing for your future and your family’s future.
Estate Planning Should Not Get Put Off
The best time to begin estate planning is now. If you have opened a savings account or any other account, it is vital to designate where those funds will go in the event of your death. Additionally, as your assets change and family dynamics shift, it is crucial to have an updated plan that will protect your family.
Life Events and Estate Planning
There are life events that serve as queues that an estate plan should be in place to protect your assets and ease the burden of legal navigation for your family. Preparation will remove the guesswork, particularly in stressful situations, making it easier to carry out your wishes and provide personal care should it be required. Some of these events are listed below, but a Colorado estate planning team can speak with you about your needs.
- Marriage and Remarriage: Marriage is a union of people and assets. An estate plan makes it easier, particularly for the living partner during the death of a spouse, helping to relieve the stress of a challenging life event.
- Childbirth: Parents want to ensure their children are cared for in the event of their death. The birth of each child is cause for re-evaluation of your estate plan, ensuring guardianship and financial security in your absence.
- Divorce: With almost half of the marriages in the US ending in divorce, it is crucial to update your estate plan should your marital status change.
- Home and Property Ownership: Throughout life, there is the addition and deletion of properties that you may own. Re-evaluate your plan with these changes to reflect your current assets.
- Other Major Life Events: The birth of grandchildren may spur a change in your estate planning. Additionally, the inheritance of money or other assets is a reason to update your plan.
When you begin estate planning, there are two types of plans to consider: a will or a revocable living trust. Your needs, goals, personal health considerations, and desired outcomes determine the right one for you. Both have pros and cons, so seeking guidance from a Colorado estate planning attorney in these decisions is the best option.
A Relationship of Trust
Estate planning should begin now if you do not have a plan. Working with an estate planning attorney often involves spending a significant amount of time and having an unwavering amount of trust in the attorney, so you should ensure you find the right team for your situation. In addition, this relationship will likely be ongoing since there will be times throughout your life you need to change these documents.
You will find these qualities in the team of Colorado Estate Planning Law Center. We protect what matters most to you by creating an individualized plan for your family with unwavering dedication, trust, and continual guidance in estate planning.