Questions About the Estate Planning Process?

A Denver Estate Planning Attorney at Wiegand Attorneys & Counselors, LLC Is Here to Answer Your Questions

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Accumulating wealth, property and other assets takes time and dedication. However, many people lose control of their hard-earned possessions by failing to create an estate plan. Our Denver estate planning attorney at Wiegand Attorneys & Counselors, LLC encourages you to seek out our help. The attorneys at our firm have experience drafting estate plans that address the specific needs of our clients.

While most people understand the process of designating their assets to a beneficiary, there are other aspects of estate planning that are not as obvious. We have compiled the following list of frequently asked questions here for your convenience.

Colorado Estate Planning Frequently Asked Questions

 

Do I Need an Estate Plan?

Many people assume that estate plans are only for wealthy individuals. However, estate plans are simply legal documents that help you plan for the future. This includes documents that will allocate your property, assets and accounts once you have passed away. If you have minor children, then these documents may include your decision about who will become the guardian of your dependents.

Estate plans also include documents anticipating certain scenarios. For example, you might appoint someone to oversee your finances if you become mentally incapacitated. You could also appoint someone to make medical decisions for you if you are unable to do so.

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Which Estate Planning Documents Do I Need?

 An estate plan can include many kinds of legal documents. Each kind of estate planning document provides its own unique benefits. Choosing among them will depend upon your wishes for the future. A Denver estate planning lawyer at Wiegand Attorneys & Counselors, LLC can help you choose between several common estate planning documents. These documents include:

  • Last Will and Testament
  • Revocable Trust
  • Irrevocable Trust
  • Medical Power of Attorney
  • Financial Power of Attorney

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What Happens if I Die Without a Will?

 If you die without a will in place, then your estate will be subject to Colorado intestate law. Simply put, you will lose control over how your estate will be divided and who your beneficiaries will be. An estate planning attorney in Denver at Wiegand Attorneys & Counselors, LLC can assist you with the creation of a will so that you can avoid having this happen.

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What Steps Should I Take After the Death of a Family Member?

There are several steps that you should take after the death of a family member. First, you should obtain a pronouncement of death and a death certificate. Second, you must find out if your loved one had funeral arrangements included in their estate plan. Finally, you should identify which processes are applicable to his or her estate plan. Depending upon the documents created, this could mean probate or trust administration. Our estate planning attorneys in Denver at Wiegand Attorneys & Counselors, LLC can help you throughout the entirety of this task.

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What Are the Differences Between a Will and Trust?

For the most part, there are many similarities between a will and a trust. Both documents allow you to divide your assets amongst your beneficiaries. However, there are two primary differences between the two. Unlike a will, a trust gives you the option of avoiding the probate process. A trust also does not become a matter of public record, letting you maintain your privacy during a difficult time.

It is important to know the differences between a will and a trust before finalizing your estate plans. Our Denver estate planning law firm can provide you with additional details about the strengths and weaknesses of both documents.

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How Long Is the Probate Process?

Simply put, probate is often a long and drawn-out process. Many state courts are bogged down with these kinds of cases. Also, locating assets can take a while depending upon the size of the estate. For this reason, the probate process can last between 12-24 months. However, there are always extenuating circumstances that can affect the length of the probate process. Our Denver estate planning attorneys at Wiegand Attorneys & Counselors, LLC can protect your rights as a beneficiary every step of the way.

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Was Your Question Not Listed? Contact Our Denver Estate Planning Law Firm for the Answer

Have additional questions about creating an estate plan in Colorado? Our Denver estate planning attorneys at Wiegand Attorneys & Counselors, LLC have decades of experience and are available for consultations. Contact us today at (303) 625-6280 or online through our confidential contact form.