Loveland Estate Planning Attorney
When it comes to estate planning, you need a lawyer who is experienced and has the confidence of other professionals in the industry. The key to any good estate plan is to start early so you can have peace of mind knowing that your wishes will be carried out when you are gone, no matter what life throws at you or your family.
Estate planning can be complex and many people don’t like to think about their own passing, but it’s incredibly important to speak with an experienced Loveland estate planning lawyer as soon as possible to start planning.
Why Choose Brady, McFarland, Lord, PLLC For Your Loveland Estate Planning Needs?
When choosing an estate planning lawyer, it’s crucial that you choose a lawyer or a firm that has experience dealing with your specific needs. At Brady, McFarland, and Lord, we take a team approach to addressing your needs. This means we try to speak and work with everyone involved, including your family members and other parties that might be affected.
When you hire us, we treat you like we would treat our own family members. With more than 30 years of experience, we have mastered the ability to work effectively and with compassion to create an estate plan that works for you and your family. Our collaborative approach lets you have a significant say in the estate plan, and we are always available to answer any questions or address any concerns you have throughout the process.
What is Estate Planning and Why is it Important?
Estate planning is the process of making legal provisions for how your assets are to be distributed upon your passing. Estate planning can also help you avoid some estate taxes, reduce probate fees, and ensure that someone who loves you will follow through with your wishes after you pass away.
The primary goal of an estate planning lawyer is to provide you and your family with the tools necessary to make informed decisions about how your wealth should be handled. It’s also incredibly important to ensure that your family or another designated individual knows what your wishes are regarding your health should you ever become incapacitated and need someone to make decisions on your behalf. Estate planning can help you with all of this.
An experienced and competent estate planning attorney will work very closely with you and your family on an individualized basis to tailor your plan around what really matters most in life, whether you have millions or you just want to make sure that your healthcare wishes are followed.
Why You Need a Loveland Estate Planning Attorney
If you live in Loveland and have any assets that you would like to protect, you need a lawyer who specializes in estate planning. The laws surrounding the distribution of assets after death are complex and ever-changing, so it’s important to work with an attorney who is up to date on all the latest rulings. Estate planning is not just for the wealthy, though this is a common misperception. Even if you only have a few thousand dollars saved up, it’s still worth your time to sit down and create a plan.
What is the Process of Estate Planning?
In order to properly prepare and implement an effective estate plan, it’s important to understand the process of estate planning and what you need to do to make this happen. Estate planning will vary based on your individual situation, but typically, the estate planning process includes the following:
- Write down your assets and debts: When creating an estate plan, you want to make sure you have a list of all your assets and debts so you can make sure that everything is taken care of and distributed according to your wishes. There might be accounts you haven’t used in years or debt from decades ago. Even if you think it’s not important, you should include everything on this list.
- Plan: The next step is to actually come up with a plan for your estate. An attorney will be invaluable in helping you determine what the best plan is and how to implement that plan. An experienced estate planning lawyer can help your estate avoid probate in some instances, which can help family members tremendously when the time comes to deal with your debts and assets.
- Document all of your wishes: One of the primary reasons to create an estate plan is to ensure that everything is distributed and handled according to your wishes. If you don’t write down exactly what you want and where you want it to go, no one will know what to do. Family members could argue, and issues might have to be handled in court if there’s no written documentation of what you want. Don’t assume that your verbal wishes will be followed. For your own sake and your family’s sake, it’s always a good idea to make sure all of your wishes are written down.
- Appoint a fiduciary: Another incredibly important step involves appointing a fiduciary. This is someone who helps ensure that all your wishes are followed. This is an important step even when you have written down everything. You need someone you trust to help make sure everything goes according to plan.
Estate Planning Services We Offer in Loveland
Before hiring a Loveland estate planning attorney, make sure you know what services the firm offers. Whatever your needs may be, reach out to us about the other services we offer so we may assist you. Some of the services we offer at Brady, McFarland, Lord, LLC include:
- Medicaid planning
- Probate and trust settlement
- Living wills and advanced directives
- Asset protection
- Business planning
- Tax assistance
- Estate planning for blended and non-traditional families
What Does Estate Planning Include?
There is no one-size-fits-all answer to this question, as estate planning can be tailored around the specific needs of each individual or family. However, in general, an estate plan will include planning the distribution of your assets and executing several documents, such as a will, power of attorney, and healthcare directive. Each document serves a different purpose and together they help to provide a comprehensive plan for your assets after you die. Each aspect of estate planning can be tailored to you and your needs by an experienced attorney.
Common Mistakes When Estate Planning
All estate plans will be unique based on your individual needs, but there are some common mistakes people make, include the following:
- Not having a plan: While this may seem obvious, one of the most common mistakes people make regarding estate plans is to not have one. Many people think it’s too expensive to hire a lawyer and create a plan and isn’t worthwhile, and others just simply haven’t heard of estate planning and don’t know that they need it.
- Waiting too long: Many people fail to have an estate plan until significantly later in their life. Starting early is key to make sure that your wishes are carried out and your family is taken care of to the best of your ability. If you start planning earlier in life, you can ensure that all tax benefits are taken advantage of and you can avoid having family members argue over assets, which means avoiding litigation. Additionally, the earlier you start planning, the more likely it is that your assets can avoid probate, which means your family will receive your assets sooner.
- Not updating the plan: It’s important to revisit and potentially revise your estate plan throughout your life. Your financial situation or familial relationships may change, and the only way to make sure your wishes are carried out is to update your plan accordingly.
What are the Benefits of Estate Planning?
There are a number of benefits to having an estate plan in place, including the following:
- Peace of mind knowing that your wishes will be carried out after you pass
- Save significant money in probate costs and other legal fees
- Reduction of estate taxes
- Protection for loved ones in the event something happens to you
- Ensure that your family doesn’t have to make any difficult decisions on your behalf
Contact a Loveland Estate Planning Lawyer Today For a Free Initial Meeting
Our Loveland estate planning lawyers can ensure that all of your wishes are fulfilled. If you would like more information about how estate planning can benefit you, contact an experienced Denver estate planning attorney as soon as possible. The sooner you begin to plan, the better. Click here to fill out our free case evaluation contact form or call us today at (303) 420-2863.