Call Us Today At (970) 353-4000 To Schedule A Free Initial Consultation!
Call Us Today At (970) 353-4000 To Schedule A Free Initial Consultation!
Those considering estate planning or perhaps should consider it but haven't yet done so will find this guide most useful. Often, these individuals are unsure about their requirements, their goals, or what they aim to achieve through estate planning. Some might initially show interest in drafting a will. This interest commonly extends into a discussion on living trusts, also known as revocable trusts.
During the estate planning process, I typically meet with clients two or three times, if not more, to brainstorm ideas. I assign them what I call "homework," encouraging them to think through what they desire for their estate. After reflecting on this, we delve into how to best attain their wishes.
Many new clients harbor misunderstandings about estate planning. One frequent misconception is that an estate plan, once created, does not need revisiting. However, I strongly advise clients to review their estate plans whenever a significant life event occurs - be it marriage, divorce, birth, or death. If none of these events happen, a review every five years is a good rule of thumb. This periodic review ensures that your estate plan remains aligned with your intentions.
Sometimes, beneficiaries might change, or the trustee or personal representative might need an update. These are some of the factors that contribute to how your estate should be distributed after your passing.
The people involved in the estate planning discussions vary according to the client's preferences. Some clients prefer discussing their plans with just their spouse, while others may include an adult child in the process. After completing the documents, clients usually provide copies to their adult children, unless they prefer to keep their plans confidential.
These decisions are very personal. Some clients may wish to provide for or exclude certain family members like grandchildren, children, or in-laws. The trigger for estate planning often stems from life events like travel, impending hospitalization, or surgery. This prompts people to think about contingencies if they do not survive a medical procedure, triggering the urgent need to organize their estate plans. For more information on Handling Estate Planning Matters In Colorado, an initial consultation is your next best step.
