Estate planning is the umbrella term that lawyers use to describe the process of organizing your affairs so that it is clear over time who controls yourself and your stuff, who gets to benefit from your stuff, and when they get to benefit.
Little planning is required when you are alive and well: you control your stuff, you get to decide who benefits and you get to decide when they benefit. Failing to make a plan if you or your spouse become disabled can make an already difficult time even worse for your loved ones. And when you die, if you have not made a plan for yourself, the state has a plan for you, which may or may not reflect your desires.
If you are interested in learning more about estate planning, and traps to watch out for,
Contact Front Range Estate Planning today
at 720‑772‑7565 or email@example.com. Schedule a no charge, no obligation 30 minute phone consult
on the essentials of estate planning or schedule an initial meeting.
Some traps to avoid:
- Don’t just write out a will or trust and sign it, as it is unlikely to be enforceable.
- Don’t just figure that an off-the-shelf form will accomplish what you wanted to do. Make sure you know what it does before signing.
- A will or trust from the Internet may do more harm than good, and you will never know if it worked or not.
- Don’t consult with a lawyer who does not specialize in estate planning.
- Don’t just sign a beneficiary designation or beneficiary deed without understanding the impact.
- Informal attempts to avoid probate may endanger yourself, your care, your assets, and the people you love. For example, if you leave your checking account to one child through beneficiary designation, you have effectively voided your will that gives equal shares to all of your children. And what happens if that child dies before you and you don’t change it?
- Never make an outright gift to a minor or disabled person. You may disqualify the disabled person from necessary benefits and everything you give the child will be court supervised until they turn 18, and will be distributed outright to them when they turn 18. Yikes!
- Initial Seminar: If desired, learn estate planning essentials in a no-pressure classroom setting where your questions will be heard and addressed in a safe respectful setting. This seminar also helps begin clarifying what is important to you and your family.
- Vision Meeting: After sharing necessary information confidentially with Kurt, values are further clarified and options developed. You consider what you want and decide on a flat fee, inclusive plan, usually including health care proxies and Powers of Attorney. A fee agreement is reviewed and signed.
- Design meeting: Depending on the plan selected, the design meeting can be held immediately or set for a later time. The details are discussed and agreed, and the signing meeting set.
- Signing meeting: The wills and related documents are reviewed, signed and later delivered. You can ask Front Range Estate Planning to follow up when laws change.
To find out what you can do now to minimize expense, delay, taxation,
and frustration in the long term, Schedule a no charge, no obligation 30 minute video consult
by calling or emailing Front Range Estate Planning today at 720‑772‑7565 or firstname.lastname@example.org.
You will learn a lot, have fun, and the seminar will go quickly.