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Estate Planning

What is Estate Planning? Estate Planning is the process of planning for two events of life: Death and Incapacity. The two documents most commonly used to plan for the event of Death are:

 

 

Will – A will is primarily used to designate who manages and distributes your assets and who receives Estate Planning Colorado Springs
your assets, but for parents, a will is also used to designate guardianship for children under age 18.

 

Trust – A trust is like the Swiss Army knife of estate planning. In its most basic form, a trust is simply one person giving property to another person to hold and manage on behalf of someone else (i.e. just a single edged knife). But, a trust can be set up to manage very simple, straightforward situations and/or varied and complex situations (i.e. a knife, scissors, toothpick, corkscrew, file, blowtorch, etc.). Trusts can be revocable, irrevocable or be included as part of a will, which is called a testamentary trust.

 

The purpose of planning for Incapacity is to put trusted people in place to make decisions for you if you cannot make decisions for yourself. The documents most commonly used in planning for the event of Incapacity are:

 

Durable Financial Powers of Attorney – Names and allows agent(s) to manage finances and property if you are incapacitated.

 

Durable Medical Powers of Attorney – Names and allows your agent(s) to make decisions for you for healthcare and medical treatment.

 

Living Will – Directs agent(s) named in your medical power of attorney to remove life support (i.e. “pull the plug”) in the event you are incapacitated and deemed by two physicians to be in either a “persistent vegetative state” or “terminal condition”, as those terms are defined by law.

 

Special Powers of Attorney – Names and allows agent(s) authority to do something specific on your behalf, even if you are not incapacitated (i.e. real estate transactions, care of minor children, etc.).

 

To find your peace of mind knowing that your estate plan is done and done right, give us a call today at (719) 575-9690.

 

 

 

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