According to AARP, Americans are planning to leave about $30 trillion to their millennial children. Although that’s no small sum, surely parents want to pass down as much as possible to their descendants. To do this, people have to be wary of how it’s spent today and also how it might be spent in the future. Whether saving for oneself or for those who will inherit, a Colorado estate planning lawyer is a wise investment. Here are five huge ways an estate planning attorney can help you keep more money available for the things that matter most.
1. An Estate Planning Attorney is Familiar with All Necessary Documents
There’s much more to the process than throwing together a will, regardless of whether you are able to bequeath generous sums or smaller stipends. Colorado estate planning lawyer can go over numerous important documents at one time, which saves time and money. Some of the most common ones include:
- Power of Attorney
- A Living Will, Health Care Proxy, or Medical Power of Attorney
- A Final Will
2. A Colorado Estate Planning Lawyer Knows Tax Laws and Gifting Regulations as Well
The government sets limits as to how much may be left to others or gifted without taxation. An estate planning attorney can help make the most of various branches, so Uncle Sam doesn’t get to double-dip into hard-earned funds, and heirs are able to keep more.
3. Handling Ones’ Own Estate Matters Saves a Headache and Potential Costs for Heirs
Unfortunately, those who don’t hire an estate planning attorney often leave a tangled mess behind for their heirs. It takes time to weed through what’s due where, locate all assets and funds, and divide them properly. Debates are likely to crop up among survivors, as each tries to honor the decedent’s wishes. All too often, this results in survivors fighting and hiring their own legal representatives. With a little forethought, all these needless expenses and disputes are stopped long before they even have a chance to take hold.
4. Fewer Court Fees will Need to Be Paid
After someone passes, a probate court will step in and verify the will, plus account for and distribute the assets. If everything’s in order already and various channels are used to distribute assets, these costs are kept to a minimum. A final will can also appoint an executor who will take the position for free, as well as waive the surety bond requirement, leaving more funds available for designated heirs.
5. Proper Wording in a Will Can Save Litigation Costs Later
Sometimes people like to leave their heirs funds that disburse a little at a time or after specific milestones like graduation, marriage, or the birth of a child. In these cases, a Colorado estate planning lawyer can help ensure the language is precise, so that there is no argument as to when the appropriate disbursement time is. Otherwise, heirs might find themselves battling in court and spending funds needlessly later.
If you have questions about estate planning or would like to get started on yours today, please contact us using our online form or call our office at 303-798-2525.
