Are you ready for the unexpected? Do you have an estate plan to protect your assets and the best interests of your family?
Contrary to popular opinion, creating a Will is only one part of estate planning. Comprehensive estate planning services include much more. A comprehensive estate plan includes making decisions regarding child custody, debt payback, property split and distribution, trusts, and end-of-life care.
Making arrangements for every stage of your life is a part of estate planning. Everyone ought to be equipped to handle life’s ups and downs. Even though many young individuals may not have as many assets as older individuals or households, estate planning is still essential. Even single people should worry about estate planning. An estate planning attorney can work with you to build an estate plan that meets the needs of your family. Contact an experienced estate planning lawyer in Colorado today for a consultation.
A robust estate plan involves more than just a will. It includes creating a Will, a healthcare directive, a Trust (if needed), business succession planning, and establishing guardianship for minor children or those with disabilities. You should plan your entire estate, not just create a Will. Here’s why.
Protect Your Assets and Avoid Probate Using Trusts
A thorough estate plan can aid in asset protection planning and can also help your loved ones avoid dealing with probate law after your death. The truth is that the probate process might deplete your assets before they are passed on to your heirs due to taxation, administration costs for the executor and lawyer, and collectors’ claims. Utilizing trusts and other estate planning tools creatively helps avoid the probate procedure, which can help maximize the value of what you leave behind.
Guardianship doesn’t always begin at death. When given physical guardianship, the guardian is in charge of meeting the child’s needs when one or both of the child’s parents are unable to provide for the health, safety, and welfare of their minor child because of:
- Severe/terminal illness
- Substance Use Disorder
- Inability to Care for the Child in General
There are two types of guardianship :
- Physical custody- This is the guardianship of a person
- Estate guardianship- This person is a guardian of the funds
These two duties are typically treated separately by the courts, so we would encourage you to treat them separately in your estate plan. Failing to do this, your loved ones may be saddled with having to Petition the Courts to be appointed guardian. Naming someone expressly in writing gives them precedence over other family members who may be vying for the position.
In addition to basic guardianship documents, at Hermance Law, we created the Kids Safeguard System. This system was created to go above and beyond the basic estate plan and to make sure that the kids are always protected and that the parent’s legacy and wishes are documented for their minor children.
Estate Plans Can Also Protect the Elderly
Estate plans can help take the burden off caring for our elderly loved ones. Sudden or chronic illnesses of our elderly loved ones can put families in a tailspin. Even where you or a loved one has good medical insurance for urgent needs, you may not be ready for a prolonged disability that necessitates good medical care. Medicare coverage does not include skilled nursing home care, and Medicaid only supports those in extreme need until they face a crisis.
At Hammond Law Group PC in Colorado Springs, CO, estate planning lawyers can assist you in creating the best estate plan in case your health or the health of an elderly loved one suddenly deteriorates.
Experienced Colorado Estate Planning Attorneys
Planning your estate can be an emotional process. It’s not easy to think about what life might look like for your loved ones after you are gone. But planning your estate with Hammond Law Group PC, an estate planning law firm in Colorado Springs, CO, can give you peace of mind.
At Hammond Law Group PC, our law office helps families protect their assets, draft wills, create trusts, plan out guardianship, and more. When you are ready to take the next step in planning your estate in Colorado Springs, CO, you can contact Hammond Law Group PC estate planning attorneys for a consultation. We pride ourselves on helping you through the difficult estate planning process.