Fort Collins Estate Planning Attorney
Many people don’t want to think about estate planning or aren’t even aware it’s an issue they should be dealing with. It’s important to realize that estate planning is more than just drawing up and executing a will. Smart planning can protect your assets, reduce the taxes your survivors have to pay, and it will also help determine what happens to all of your assets once you pass away. Estate planning can help you now. If you have a business, it can minimize your tax liabilities.
Additionally, an Fort Collins estate planning attorney can help you set up a power of attorney so that your wishes can be carried out in the event that you are no longer able to make certain decisions for yourself. Colorado Estate Planning Law Center has been helping people with estate planning for decades. Contact us online or call us at (303) 420-2863 to schedule your free initial consultation.
What is Estate Planning?
You’ve probably heard people discuss estate planning and what this entails, but you may not be aware of what estate planning really is and why you need to do it. One of the most important aspects of estate planning is determining what happens to your assets when you pass away. In order to make sure that all of your wishes are carried out, it’s important to think about and plan this throughout your life. You can decide who receives what, when they receive it, and in some cases, instructions on what to do with what you are leaving them. This is estate planning. Some other important things to consider when you are considering what your wishes are include the following:
- Provide instructions for your care and finances should you become incapacitated before you pass away
- Arrange disability income insurance in case you are unable to work due to an injury or long-term illness
- Make sure you have a life insurance policy so that your family is taken care of upon your passing
- If you have children under the age of 18, name a guardian who can handle anything that you are passing onto them
There’s often the perception that estate planning is only necessary if you are rich and have a lot of assets. This is very far from the truth. No matter how much you have an what you have, you should work with a lawyer to ensure that everything is handled the way you want it to be.
Why You Need An Fort Collins Estate Planning Lawyer
Power of attorney is a major aspect of estate planning. Many people assume that power of attorney is just about making medical decisions if you become incapacitated. While this type of power of attorney is important, there are other types that an attorney can help you with as well. You’ve worked too hard to allow someone else to do as they please without considering your wishes. Contact an estate planning attorney in Fort Collins today so they can help you.
Financial Power Of Attorney
This is also referred to as a general power of attorney. This allows you to appoint a person who is able to make financial decisions for you. This gives them the ability to pay bills, cash checks, access bank accounts, and make any other financial-related decisions that you’ve laid out in the document.
Medical Power Of Attorney
A medical power of attorney is a legal document you create where you appoint someone to make medical decisions on your behalf. This is often created in conjunction with a living. In Colorado, medical power of attorney generally takes effect right away unless you make it a springing power of attorney.
A springing power of attorney, in this case, would mean that whomever you appointed would not be able to start making medical decisions for you until certain conditions are met. For example, a medical professional declares that you are unfit to make your own decisions. If it is not a springing power of attorney, whomever you appoint is permitted to begin making specified medical decisions for you right away. An attorney can help you lay out all of this information in the document.
Limited Power Of Attorney
A limited power of attorney is a document that grants someone the ability to perform specific tasks or make specific decisions on your behalf. You can lay out these specifics in the document. Additionally, your attorney can draw up this document in a way that the power of attorney terminates upon the completion of the tasks or on a specific date.
Other Ways an Estate Planning Attorney Can Assist
There are several other benefits to hiring an estate planning lawyer, including the following:
Planning Your Business Succession
No matter how much money you have or what types of assets you have, working with an estate lawyer to implement a plan for when you pass away is incredibly important. One common thing an estate lawyer can assist with is planning your business succession. When an owner of a business becomes incapacitated or passes away, it’s important that there is a plan in place for what happens to the business. Is it transferred to an employee? Is it given to a family member? Is it liquidated and the proceeds are split between certain parties? These are all decisions that need to be made in advance so your employees and family members know what to do. Decide what you want, speak to a professional, and implement a plan.
Update Documents and Plans
Even if you know exactly what you want to happen with your assets once you pass away, it’s important to work with a professional to ensure that this actually happens. Many people think that once they have an estate plan, it can just sit there until it goes into effect. This isn’t the case. Life constantly changes. Businesses change, relationships change, and what you own often changes. Throughout your life, you should review your estate plan with a professional and make any necessary changes. Maybe there is someone in your family who you no longer speak to and you don’t want to pass anything along to them. Perhaps you originally wanted your business to be given to a family member upon your death, but that family members is no longer in the area and doesn’t want to handle it, or you decide there’s someone else better suited for the job. Life isn’t static, and your estate plan shouldn’t be either.
Let Colorado Estate Planning Law Center Help You Today!
Colorado Estate Planning Law Center want to help you with all of your power of attorney and other estate planning needs. With over 30 years of experience, our law firm has developed a process that allows us to be efficient without sacrificing the personal touch. We have all the knowledge and resources you need, and we will always treat you with respect and compassion. Contact us online or call us at (303) 420-2863 to schedule your free initial consultation.