Estate planning is not something that many people think about until they are in their later years. However, estate planning can be done at any age, and it is advisable to start thinking about estate planning as soon as possible. This blog post will provide you with some estate planning tips from an estate planning lawyer, like one from Attorney W.B. Moore, so you can make the best decision for your future!
Here are 9 Tips to help you on your estate planning journey.
- Create a will. This is one of the most important things you can do for your estate plan.
- Update your beneficiary designations. Make sure all accounts such as estate plans, bank accounts and life insurance policies have up-to-date information for your beneficiaries. This is one of the most important things you can do for your estate plan.
- Hire an estate planning lawyer. You do not need to go through the estate planning process alone. A lawyer can help you complete estate documents and ensure that your estate plan is in compliance with Colorado state law.
- Name guardians for minor children, as well as adult dependents such as elderly parents or disabled family members. This estate planning tip ensures that your estate plan can include everyone you wish to protect.
- Keep all estate documents in a safe place and provide information about them to the executor of your estate (whoever will be responsible for carrying out your wishes). This is important so there are no mix-ups or confusion once you have passed.
- Create a durable power of attorney so your estate plan includes the ability to make decisions in case you cannot do it yourself when circumstances arise. This estate planning tip ensures that someone can still take care of business for you if something happens and gives peace-of-mind knowing that someone will look after your best interests.
- Name an estate executor who is trustworthy and capable of handling difficult situations. This estate planning tip ensures that your wishes will be carried out after your death.
- Set up a trust to help manage estate assets for heirs. This estate planning tip can help reduce estate taxes, provide estate liquidity and ensure that estate assets are used according to your wishes.
- Consider a charitable trust as part of an estate plan which can help you leave a legacy through charity or religious organizations. This estate planning tip ensures those interests will be protected after your death.
The estate planning process can seem daunting, but with the help of a qualified estate lawyer, it can be much easier.
There are lawyers here to help! They can guide you through the process of creating a customized estate plan that fits your needs and protects your family’s future while keeping costs down. With years of experience as an estate planning lawyer, experienced estate planning lawyers have seen it all and can get things done right the first time around, so there’s no need for costly revisions later on down the road when circumstances change unexpectedly. Contact a lawyer today to get started.