Four Reasons to Hire a Colorado Estate Planning Attorney
It's difficult for people of all ages to consider a time when their loved ones must carry on with their lives in their absence. But, inevitably, this day will come. While there isn't anything you can do to stop it, you can take steps to make the future much easier for your loved ones and family members.
Drafting enforceable legal documents which detail your desires for your estate once you are no longer here can provide you and your family with much-needed peace of mind. When these tasks are complete, you can be confident that you did all you could take make your passing as easy as possible on them.
However, the best estate plans start with hiring an experienced Colorado estate planning attorney. Consider the following four reasons you should work with one to plan your estate.
Estate Planning is Complex
Estate planning is inherently complex and heavily regulated. It's often challenging for most laypeople to understand the estate planning tools and documents available to them, as well as the laws that govern them. Without this understanding, grave mistakes can be made within an estate plan that may:
Create tension among family members
Delay the probate process
Make carrying out the wishes of a deceased relative impossible
Increase tax liabilities
A Colorado estate planning attorney can bridge the gap between the complexities of estate planning, the applicable laws, and the layperson's understanding of the same. They can explain the estate planning options available to you in terms that you can easily understand. The more knowledge and understanding you have surrounding estate planning, the better you can leverage it to meet your goals and take care of your family members after your passing. Hiring a Colorado estate planning lawyer can help you make the best-informed choices for your family when planning for the future.
You Have Unique Needs
No two families or estates are exactly the same. DIY cookie-cutter approaches don't work when it comes to effective estate planning. Instead, an attorney can address your unique needs and desires with a customized estate plan. Trying to make your situation and wishes fit the mold of an online or DIY estate plan can be challenging at best. It can even lead to the unenforceability of your estate plan upon your death.
A seasoned estate planning attorney knows how to properly evaluate your assets and wishes. They also have a deep understanding of the various estate planning laws and tools you can use to best meet your goals. Your attorney won't attempt to put you in an estate planning mold or box. Instead, they work closely with you to understand your intentions and ideas. This way, they can help you find the best solutions that will be enforceable and beneficial to your loved ones.
Estate Plans Often Need Revisions
Life is unpredictable; it's impossible to know what might happen in the future. The good news is that an estate planning attorney can help you revise your estate plan whenever necessary. It's ideal to review your estate plan at least once a year and whenever you have any significant life changes, such as:
A financial windfall
Substantial income changes
Opening or closing a business
Filing for bankruptcy
Purchasing property or real estate
Adding to your family through birth or adoption
A death in the family
If you don't revise your estate plan after an important life event, or you revise it incorrectly, your estate plan may not be executed according to your desires.
For example, suppose you have your adult child and their spouse listed as beneficiaries in your estate plan. A few years pass, and your adult child and their spouse go through a divorce. In that case, you may no longer want their ex-spouse listed as a beneficiary on your estate plan. However, if you don't take the proper steps to change it, it may result in a legal battle. Their ex-spouse might still receive whatever portion of your estate you intended for them to receive while they were still married to your child.
By working with an estate planning attorney, you can count on the support and guidance you need to adjust your estate to fit any changes that might occur in your life.
Ensure Compliance with Federal and Colorado Laws
To be enforceable, estate plans must adhere to federal and Colorado estate planning laws. If any terms in your estate plan aren't compliant with the laws at the time of your death, the probate court will have no choice but to dishonor them.
Estate planning laws and guidelines change frequently. It's imperative to not only keep your estate plan up to date according to your life changes but also according to any changes in the law. An unenforceable estate plan won't be effective and can cause your family members much strife and contention. While DIY estate planning kits usually provide some guidance on current federal and state laws, they typically won't provide real-time updates to laws that might affect your estate plan's enforceability.
When you hire an estate planning attorney in Colorado, they can keep you abreast of any federal or state law changes and explain how they might impact your estate plan. This way, you can make necessary changes and update your estate plan in real time. You won't ever have to worry that your estate plan is legally outdated.
Are You Ready to Plan Your Estate? Contact Ball & Barry Law Today
At Ball & Barry Law, we know that estate planning can be difficult for many reasons and are sensitive to the array of emotions it might bring. Our attorneys are well-versed in federal and Colorado estate-planning laws and stay current on any possible changes in these laws. You can count on us to help establish creative solutions to meet your estate planning goals. We can make this complex topic easier to understand and present you with several viable options that fit your unique circumstances and desires. Get started on your estate plan today by calling us at (720) 439-2530 or contacting us online.