Longmont Estate Planning Attorney
Many people don’t fully understand the need to have an estate plan, especially when they are young and healthy. However, estate planning is about more than just creating a will or detailing how your assets get distributed after you are gone. An experienced Longmont estate planning attorney can help you make decisions that can reduce your tax liabilities, help you develop business succession plans, assist you with asset protection, and so much more. The attorneys at Brady, McFarland & Lord, LLC have been helping people with their estate planning needs for decades. Call our office at (303) 420-2863 or contact us online for a free initial interview.
Longmont Estate Planning FAQ’s
We often receive the same questions over and over from people trying to understand estate planning and whether they need to hire an estate planning attorney or not. We hope this FAQ page helps you understand the importance of consulting with a lawyer.
- What Does a Longmont Estate Planning Lawyer Do?
- Who in Longmont Needs an Estate Plan?
- What Are Some Common Estate Planning Mistakes?
- When Should I Update My Estate Plan?
- What Do Most Estate Plans Include?
What Does a Longmont Estate Planning Lawyer Do?
Estate planning is the process of ensuring that your possessions, intellectual property, wills, trusts, and possessions are handled properly after you pass away, or if you become incapacitated and are unable to make certain decisions. Your estate is made up of your assets and everything you own, such as cars, properties, cash, jewelry, investments, retirement accounts, savings, and more. An estate planning lawyer in Longmont will help you develop a plan under which all of these possessions are taken care of according to your wishes.
Who In Longmont Needs an Estate Plan?
Simply put, everyone. Estate planning isn’t just for rich people or older people. No matter how much or how little you own, it’s essential to make a plan so you leave direct instructions directing the correct management of everything that you owned. Otherwise, everything you’ve worked so hard for might not be distributed in the manner in which you would have preferred. Estate planning encompasses powers of attorneys, wills, trusts, and healthcare directives as well. It’s not just about how much money you have.
What Are Some Common Estate Planning Mistakes?
If you decide to start planning and work with an estate planning attorney, this will significantly reduce your risk of making mistakes. However, some of the most common mistakes include the following:
- Waiting too long to plan
- Not appointing a guardian for minor children
- Failing to update your plan throughout your life
- Failing to give gifts or charitable donations as a way to reduce tax liability
- Trying to plan on your own without an experienced lawyer
When Should I Update My Estate Plan?
Anytime there is a major change in your life, it’s a good idea to review and possibly change your estate plan. For example, did you buy or sell a business, get married or divorced, purchase new properties, or have children or grandchildren? Is your health suffering for some reason? All of these are good reasons to consider reviewing and updating your estate plan with an experienced and trusted lawyer.
What Do Most Estate Plans Include?
All estate plans are different because it depends on individual needs and wants, as well as what kinds of assets you have and what plans you need to make. However, many estate plans include the following:
- A will
- Guardianships and conservatorships
- Trusts that let you control your assets while you’re still alive and avoid the probate process
- A healthcare agent
- A healthcare directive
Our Longmont Estate Planning Lawyers Can Answer Any Questions You Have
If you still have questions after reading this FAQ page, please don’t hesitate to reach out to our firm. We offer a free initial interview to anyone interested in further discussing their estate planning needs. We have been helping people for more than 20 years. At our firm, it is all about you and helping you meet your goals. Call our office at (303) 420-2863 or contact us online for your free consultation.