What is Estate Planning? – Probate Lawyer in Colorado Springs
Estate planning is not simply writing or creating a will, which is simply a directive as to who gets your probate property when you die. Estate planning is about planning for both the event of death and the event of incapacity, and in doing so, our goal is your peace of mind knowing you, your family and your assets will be taken care of and smoothly managed and transitioned, in either event, whether expected or not.
To plan for the event of death, we first seek to understand each client’s unique circumstances, family, family dynamics, assets, intentions and goals. From there, we will help you understand your options between a Will or a Trust and decide what plan is the best for you, your family and your beneficiaries. We also always take into account tax issues, whether current or future, and we build your plan to fit your needs and your wishes accordingly.
Once we have a full understanding of your situation, and once you have a full understanding of your options and have chosen a path, we will then draft your documents to custom fit your needs and wishes.
Finally, we will help you execute any changes to your assets, titles, and accounts, if any, to ensure the best results.
In planning for the event of incapacity, we will discuss your wishes for preserving and managing assets through a Financial Power of Attorney in the event you can no longer able to manage your own assets. We will also discuss your wishes medical decision making under a Medical Power of Attorney, including who you want to manage and make decisions for you and what decisions s/he can make. And, most importantly, we will discuss in detail your wishes and directives for removal of life support in a Living Will (also knowns as an “Advance Directive” or “End of Life Directive”) in the event you are ever in a Terminal Condition or Persistent Vegetative State.