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What is an Estate?

estate-administration-in-denverIf you own anything, you have an estate. It’s your net worth that includes:

  • Homes/cars/boats/land
  • Personal property (jewelry, tools, furniture, etc.)
  • Bank accounts
  • Businesses
  • Retirement accounts
  • Life insurance policies
  • Debts (credit cards, mortgages, student loans, etc.)

Whether you have an enormous estate with millions of dollars in assets or have a simple estate, someone will inherit what you own after you die. Without a will in Denver, your assets will be divided according the intestacy laws of Colorado. If this idea makes you uneasy, it is advisable to create a will so you can outline exactly who will be the beneficiaries of your estate upon your death. You can also choose to create a revocable living trust to protect your assets. You can make changes to these types of documents at any time.

Alternatively, if you have placed any assets into an irrevocable living trust (one that cannot be altered), those assets are not officially yours anymore so they are not included in your estate. There are certain tax benefits to setting up an irrevocable living trust.

All estates are important and all should be protected. To create a will, living trust or any type of estate plan, contact the Denver estate planning lawyers at The Brown Law Firm LLC: (303) 339-3750. We can advise you on the difference options and draft the estate planning documents for your unique situation. You can also send us a message online to set up an appointment.