The Estate Planning Process – Estate Planning In Colorado Springs
Many people think of estate planning as the process of determining who gets what when you die and who is in charge of making those distributions. Estate planning in Colorado Springs is a specialty of The Vinton Law Firm.
But estate planning is much more than that. Traditional estate planning involves a basic plan that includes the following:
- A Revocable Living Trust (RLT) and/or a Last Will and Testament
- Financial Power of Attorney
- Medical Power of Attorney
- Living Will (sometimes called a Healthcare Directive)
- HIPAA Authorization
Revocable Living Trusts and Powers of Attorney involve planning for when you are alive but incapacitated. These documents also include important things like guardian designations for your children, if necessary.
People with more advanced estate planning in Colorado Springs needs may consider the following:
- Irrevocable Life Insurance Trust (ILIT)
- Special Needs/Supplemental Needs Trust (SNT)
- Stand-Alone Retirement Trust (SART)
This process of planning helps to alleviate any concerns or uncertainties that may arise during your incapacity and upon your death. It can also take into consideration any taxes and expenses that normally incur with a death, so your family will not have to bear that burden.
Most people spend their lives working to support their families and accumulate wealth; however, very few plan what will happen with that wealth after they are gone. Surprisingly, only two out of five Americans have drawn up a Will. And oral instructions usually cannot legally be adhered to; when you die without a Will, Colorado Law controls. Estate planning in Colorado Springs is a necessary step in continuing to support our families even after we are gone.
When you decide to plan your estate, it is important to first meet with an experienced estate planning attorney who can guide you through the process. The larger your estate, the more crucial it is to meet with an experienced attorney who can help you understand the legal ramifications of your choices. This is especially important if you are concerned about estate taxes, if you own your own business, if you have a blended family or you anticipate conflict during the division of your wealth. Working with an estate planning attorney will ensure that your assets are distributed according to your desires.
Estate planning puts you in charge of determining who will gain ownership or control after you have passed, and an experienced attorney will provide you with the tools to make sure those objectives are met.
Estate planning also allows you to choose the person who will be in charge of your estate in the event of your incapacity and after you die. You can also save money on taxes and other expenses that are incurred when an estate is settled. Those who own a business can determine who will take over the business or how it will be broken up or sold.
The benefits of estate planning are so numerous that it should be a process everyone undertakes. Meeting with an experienced estate attorney is the best way to ensure that your needs are taken care of and your estate will be distributed as you desire when you pass.
Make sure your loved ones are provided for by contacting The Vinton Law Firm, for the most competent professional and the best overall estate planning in Colorado Springs experience.