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Estate Planning Basics

Estate Planning BasicsEstate planning is more than simply deciding how your property or assets will be divided after you pass away. While creating a will is a large part of estate planning, this process also includes many other steps that you should take to ensure your loved ones are cared for long after you are gone. You can also ensure they are not burdened with making extremely difficult decisions on your behalf.

Here are some things to think about when thinking about estate planning in Denver:

  • Designate in writing exactly who will receive your property and assets (a will or trust)
  • Select a trusted executor to carry out your wishes described in your will
  • Be mindful of estate taxes that may be triggered at your death (you don’t want to burden your beneficiaries, but rather care for them!) – making gifts can reduce estate taxes
  • Select a trusted power of attorney to manage your financial affairs while you are alive but unable to handle these activities on your own
  • State in writing exactly how you want to be medically cared for in case you cannot make end-of-life or life-sustaining decisions for yourself (living will)
  • Select a trusted medical power of attorney to carry out your medical care wishes
  • Choose trusted individuals to care for your minor children in the event you pass away unexpectedly (guardian)
  • Identify charities you wish to support after your death
  • State in writing if you want to donate your body to science or donate organs or tissues after your death
  • Update your legal documents often to account for beneficiary changes, marriages, divorces, etc.

Estates Come in All Shapes and Sizes

You don’t have to be a millionaire to need an estate plan. While you may not have a mansion in Paris or a 100’ yacht, most people have certain assets or property that has real meaning to them. Especially when you have children or other adult dependents – protecting these individuals through estate planning is not only the responsible course of action, but also important for their futures.

Estate Planning Help in Denver is Available

There are a lot of steps to estate planning. It is advisable to hire an experienced estate planning lawyer to help you understand the intricacies of this legal process.

The Denver estate planning lawyers at The Brown Law Firm LLC have over 20 years of experience helping clients in all tax brackets plan for their families’ futures. Contact us at (303) 339-3750 or send us a message online to start the discussion.