An estate plan can give you peace of mind knowing that your property is handled according to your wishes. It can also minimize the fees, taxes, and uncertainty of probate.
An experienced estate planning lawyer can provide you with legal guidance to help protect your assets and ensure that your family will be taken care of when the time comes. Choosing the right Premier Estate Planning Law Firm in Centennial, CO is an important decision, but not one that you should make without proper research.
Living wills
A living will, also called a health care directive or advance directive, allows you to state your wishes for medical treatment in the event that you become unable to communicate them. It does not replace your last will and testament, which outlines how your property and assets should be handled after you die.
A good living will can remove some of the stress that your loved ones may feel when you cannot express your preferences. It gives them peace of mind knowing that your healthcare will be in accordance with your wishes.
You should begin writing your living will while you are in good health, but review it as needs and conditions change over time. You should also speak to the doctors you regularly see about your future care.
Durable powers of attorney
A durable power of attorney (POA) allows you to name someone to act as your agent, handling financial matters and other issues if you become unable to make decisions for yourself. Your designated agent can help you pay bills, manage your bank accounts and other assets, sell or buy property, make important legal and business decisions for you and handle many other aspects of your life.
There are several different types of powers of attorney, including general and limited power of attorneys. These documents grant broad authority to your agent, but you can limit their ability to deal with certain situations.
One of the most common reasons for executing a durable power of attorney is to prepare for the possibility of incapacity, such as if you get sick or injured and can’t make decisions for yourself. Another reason is to protect your assets and ensure that someone you trust can take care of them if you are no longer able to do so.
Trusts
Trusts are a great way to protect your wealth and ensure your assets are handled in the way you intend. They can also help you avoid probate court and reduce estate taxes.
Trusts can also be used to give money to family members or charity. They may be especially beneficial if you have children with special needs or a loved one who needs long-term care in a nursing home.
You can customize your trust and add new beneficiaries at any time if you want to. This allows you to be flexible with your estate plan, including adding conditions like age attainment provisions or limiting how much your beneficiaries can receive each year if they need extra help with their finances.