Estate Planning Lawyer Fort Collins, CO
If you want to establish an estate plan, you should consult an estate planning lawyer in Fort Collins, CO, where William B. Moore, Attorney at Law, is located. Having a proper estate plan can ensure your final wishes are carried out and that your family is taken care of after you’re gone. Here are some tips to have a successful plan.
Select the Right Executor
The executor is the person who will carry out the terms of your will after you’re gone. He or she will be responsible for paying your debts and taxes and distributing assets to proper heirs. Since this role is a big responsibility, you shouldn’t appoint just anyone. An executor should be trustworthy, impartial, financially savvy and organized. If you can’t find a family member or friend to take on the role, you can appoint a lawyer.
Consider Avoiding Probate
Probate is the process by which a will is proved valid in court. Unfortunately, probate can be costly and lengthy for your family members. It can also make your financial information open to the public. That’s why you should talk to your estate planning lawyer about avoiding the process altogether. Your lawyer, for example, may recommend establishing a living trust to avoid probate.
Choose a Guardian
If you have minor children, you should definitely designate a guardian in your estate plan. If you should die unexpectedly, your children will be taken care of by someone you trust. Ideally, the guardian you select should share your values, be financially stable and physically able to parent. Before you name a guardian in your estate planning documents, ask that person if he or she is willing to take on the role.
Don’t Forget About Your Smaller Possessions
When establishing your estate plan, you’ll want to consider more than just your big assets, like your home and retirement account. Just because some of your belongings don’t have high monetary value, doesn’t mean they’re not important. For example, photo albums and family heirlooms may have significant sentimental value. Your estate planning lawyer in Fort Collins, CO may suggest specifying who you would like to receive these items.
Make Necessary Updates to Your Estate Plan
Many people assume that once they create an estate plan, they never have to look at it again. However, it’s necessary for most people to update their estate plans several times in their lifetime. When you go through a big life change, such as the birth of a child or divorce, you should revisit your estate plan.
If you need assistance with your estate plan, schedule a free consultation with William B. Moore, an estate planning lawyer in Fort Collins, CO. We are happy to offer consultations during off hours and by Zoom to accommodate your busy schedule.