Golden Estate Planning Attorney
Many people don’t like to think about planning their estate because it means thinking about a time when you will no longer be around. This can be scary to consider. However, if you have a partner, children, grandchildren, and other friends and family members that rely on you, it’s important to consider hiring an estate planning attorney so you can be sure that they’ll be taken care of after you’re gone. Additionally, it will allow you to be clear about your wishes, which means less conflict and disagreement amongst your survivors down the road. Brady, McFarland & Lord, LLC has been helping people with estate planning for decades. Contact our estate planning attorneys in Golden, Colorado at (303) 420-2863 to schedule your free initial consultation.
Why You Need a Golden, Colorado Estate Planning Attorney
If you have assets that need to be distributed at the time of your death, no matter how large or small, it’s always wise to contact an estate planning attorney to help you develop a plan. Some of the most common tasks they can help you with including the following:
We Draft And Execute Wills
Having a will drawn up is very important so you can make sure that all of your assets are handled exactly the way you want them to be handled once you pass away. Many people think that this is all an estate planning attorney does, but it’s just one piece of the puzzle.
Our Estate Planning Lawyers in Golden Help You With Probate And Estate Tax Laws
Another important role of an estate planning attorney is to ensure that you structure all of your assets in a way that will minimize tax liabilities for your estate. This can be done by setting up trusts, making sure your businesses are created as LLCs, and more. Going through probate can be incredibly expensive and time consuming. Additionally, anything that goes through probate is public to anyone willing to go to the courthouse and request the documents. When all of your assets are designated beneficiaries, you can avoid the expensive and lengthy cost of probate.
Estate Planning Tools
You may have heard that estate planning is important, but it’s necessary to know why it’s important and what tools can be used by an estate planning attorney. Two of the most common estate planning tools include the following:
Wills and Trusts
Wills and trusts are used to ensure that your assets and distributed according to your wishes. When you hire the right attorney, they can help you determine where your assets will go and the best way to execute your wishes. In many circumstances, the probate process can be avoided if you structure everything correctly.
A living will, also referred to as an advanced medical directive, gives another person the power to make medical decisions for you should you become incapacitated and unable to communicate your wishes or make your own decisions. This power is typically given to a family member, though sometimes it is given to a close friend. Ensuring that someone knows exactly what you want is the only way to make sure your medical wishes are followed.
We Help You Set Up Power of Attorney
In Colorado, there are four main types of powers of attorney – financial power of attorney, medical power of attorney, durable power of attorney, and a limited power of attorney. Depending on your needs, your estate planning attorney can help you set up any of these.
A qualified estate planning attorney can also help you with asset protection. This might include owning liability insurance, creating asset protection trusts, or creating an LLC. Estate planning is an important tool to ensure that your assets are distributed according to your wishes. Without help from a professional, this may not happen.
Guardianship or Conservatorship Issues
An estate planning attorney can help you with all of your guardianship or conservatorship needs. If you have minor children, it’s especially important to speak with an attorney to make sure you are clear about guardianship of your children should something happen to you. Additionally, if you have elderly parents who don’t live near you and you’re worried that someone might try to take advantage of them, you can speak with them and then consult an attorney to assist you in creating a conservatorship.
We Help You Review and Update Your Estate Plan
When you hire an experienced estate planning firm, you can be certain that they won’t lead you astray. An estate plan isn’t something you do once and then never consider again. All estate plans should be regularly reviewed and updated as necessary. Circumstances might change, such as going through a divorce, or your wishes might simply be different as time goes on. When you have an estate planning attorney, you always have someone to reach out to help you review and update the plan.
Common Estate Planning Mistakes and How to Avoid Them
Many people don’t know what estate planning is or don’t understand the importance of it. Estate planning is something you should start learning about and considering sooner rather than later. Because of the lack of knowledge, there are common estate planning mistakes that are made. Some of the most common ones include the follow:
Failing to Plan
One of the most significant mistakes you can make regarding estate planning is simply failing to plan. You should always think about your estate plan and find time to discuss it and create one. Avoid this mistake by educating yourself about estate planning, why you need it, and when it needs to be done. The sooner the better. Additionally, if you have an estate plan but haven’t reviewed it in years, it’s wise to look it over and make sure your plan is still acceptable to you.
Failing to Discuss Your Plan With Friends and Family
Many people have an estate plan but fail to discuss this plan with their close friends and family. This can sometimes cause disagreements between your close circle of friends and family because you haven’t spoken to anyone and told them what to expect. Avoid this by setting aside specific time to discuss your plan with friends and family that will be involved in any way in your estate planning. This often includes a spouse, children, and friends. You should always speak with the individual that you have named Executor or Trustee. It’s also wise to notify anyone who is specifically named in your will.
Naming Only One Beneficiary
Many people name one beneficiary. At the time, this can seem sufficient. However, what many people don’t consider is what will happen if that person passes away. It’s always a good idea to name contingent beneficiaries. You should also consider naming more than one contingent beneficiary.
Estate Planning Services We offer in Golden
If you are interested in hiring an estate planning lawyer, the first step is knowing what you’re looking for. What do you need help with? If you don’t know what you need, it’s difficult to choose the right attorney and get the help that you deserve. Our firm offers the following estate planning services in Golden:
- General Estate Planning
- Asset Protection
- Medicaid Planning
- Business Planning
- Tax Assistance
- Probate and Trust Settlement
- Estate Planning for Non-traditional and Blended Families
- Living Wills and Advanced Directives
This list is not exhaustive, so if you don’t see your specific needs listed above, please reach out to us to discuss how we can help.
Contact a Golden Estate Planning Lawyer Today
Brady, McFarland & Lord, LLC can help you with any and all of your estate planning needs. We are a Colorado firm that has been providing full-service comprehensive estate and business planning for more than 21 years. We are always here to help, and we offer a free initial consultation so we can discuss your needs. Our job is to protect what matters most to you. Contact our Golden, CO estate planning lawyers today to schedule your free initial consultation by contacting us online, or call us at (303) 420-2863.