Estate Law Attorney in Fort Collins, CO
Establishing a proper estate plan is important for people of all ages. It can ensure your final wishes are carried out and that your family members are taken care of. However, you’ll most likely have to update your estate plan several times throughout your life. Here are a few common reasons to review your plan:
There’s a new addition to your family
If there’s a new child or grandchild in your family, you likely want your estate plan to reflect that. As such, it’s important to schedule a meeting with an estate law attorney in Fort Collins, CO promptly.
The executor can no longer fulfill the position
One of the most important aspects of estate planning is selecting the appropriate executor. This person will be responsible for paying your debts and distributing your assets after you’re gone. However, circumstances may change over the years and the person you originally selected as the executor may long be a good choice. For example, if the person has suffered a debilitating illness or moved far away, it’s necessary to appoint a different executor.
You’re getting a divorce
If you’re planning to divorce your spouse, it’s critical to review your estate plan as soon as possible. After all, you likely don’t want your spouse to inherit certain assets, like your business or retirement account.
You want to disinherit a beneficiary
Relationships can change over the years, and they aren’t always for the better. If you have a falling out with one of the beneficiaries in your estate plan, you may want to disinherit this person. If that’s the case, you should get in contact with an elder law attorney as soon as possible.
You moved to another state
Not all states have the same estate planning laws. Therefore, if you move out of state, you should have an estate planning attorney from W.B. Moore, Attorney at Law look at your estate plan promptly. He or she may need to make certain changes to ensure your estate plan follows your new state’s laws.
Your assets change
Any time there is a significant change to your assets, you should have an estate planning attorney review your plan. For example, if you sell a property or receive an inheritance, your estate plan should reflect that.
Schedule a meeting with an estate law attorney from W.B. Moore, Attorney at Law today.
5 Tips For Creating a Detailed Estate Plan
Making an estate plan can be complicated and stressful, but there are several important tips an estate law attorney can tell you more about that will enable you to make an estate plan that reflects your needs and values. A thoughtfully crafted and comprehensive estate plan should address a variety of things, such as your future medical care, methods to protect and transfer your assets, and how you can reduce your estate-related expenses. Do not rely on someone else’s blueprint for an estate plan, because everyone’s plan is different. Here are some tips that you can consider if you are working on a plan.
Explain Your Wishes
You will want to include in your estate plan a description of what your wishes are regarding your estate. They should be detailed, clearly outline how you want your assets to be handled and who you intend to pass them down to. The last thing you want is for your loved ones to fight over your estate or for other individuals to attempt to seize a portion of your estate. When you write down exactly how you want your estate to be managed, you can avoid a lot of issues in the future.
Determine Your Medical Care Preferences
It is important to discuss with your primary doctor and other healthcare professionals about what medical treatments you may need to consider in the future based on specific conditions that you have and the kind of care you would like to receive. Discussing the quality of care that you will receive will make it easier for your loved ones to make those decisions should you ever become incapacitated.
Designate a Guardian
If you have children, you should appoint a legal guardian who can look after them in the event of your death. As an estate law attorney can tell you, you are also able to choose a secondary guardian in case the first guardian that you appoint passes away or is unable to fulfill their legal duties to care for your child or children.
Review Cost-Saving Strategies
Estate taxes can make up a good portion of your expenses. It is important to review your estate and consider all the ways you can minimize your taxes. A skilled and highly experienced attorney can evaluate your estate and determine the best ways you can reduce taxes, such as buying life insurance.
Mention Favorite Organizations
Many people have beloved charities or causes that they care deeply about and want to contribute to, especially after their death. If you have any organizations or charities that you value, addressing them in your estate plan may be something that you want to do. If you have assets that you want to give away it is important that you state the amount and name of the organization clearly in your estate plan so that they go to the right organization.
Learn more about other tips you can follow by discussing your estate planning goals with a seasoned estate law attorney.
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