Estate Planning Questions
What’s the point of estate planning?
Estate planning allows an individual to direct the distribution of their assets to whomever they like – this usually has the effect of ensuring support of a spouse, child or grandchild, or donating to your favorite charity.
Estate planning can also reduce taxes that are paid by both the estate and any beneficiary who receives from the estate.
What happens if I do not have a will or estate plan?
If a person dies without a will (known as dying intestate), then their estate is distributed according to the rules in the Colorado Estate Code. It is unlikely that the inheritance rules in the Estate Code will be an exact match of how a person wished for their estate to be distributed.
Why do I need to think about estate administration when creating my estate plan?
Depending on how complex your estate is, you may want to see about avoiding probate by moving some assets into a trust. This will help avoid probate costs and potential delays in making distributions to your beneficiaries.
Also, you may be able to identify certain family dynamics that may result in issues during the administration of your estate. How you set up your estate plan may help to alleviate these concerns.
What should I be thinking about before I meet with an estate planning attorney?
It’s a good idea to make a list of all your assets – bank accounts, investment accounts, retirement accounts, pensions, real estate and life insurance policies. It is also helpful to have a general inventory of your personal belongings – especially if any items have significant cash value or personal value (for example, a china set that has been passed down for multiple generations). I will provide a questionnaire that can help you get started after our initial meeting.
You also should be thinking about any goals – leaving money or property to certain people, charitable donations, etc. All of this information will be helpful for the attorney to provide the client with good estate planning options.
Estate planning allows an individual to direct the distribution of their assets to whomever they like – this usually has the effect of ensuring support of a spouse, child or grandchild, or donating to your favorite charity.
Estate planning can also reduce taxes that are paid by both the estate and any beneficiary who receives from the estate.
What happens if I do not have a will or estate plan?
If a person dies without a will (known as dying intestate), then their estate is distributed according to the rules in the Colorado Estate Code. It is unlikely that the inheritance rules in the Estate Code will be an exact match of how a person wished for their estate to be distributed.
Why do I need to think about estate administration when creating my estate plan?
Depending on how complex your estate is, you may want to see about avoiding probate by moving some assets into a trust. This will help avoid probate costs and potential delays in making distributions to your beneficiaries.
Also, you may be able to identify certain family dynamics that may result in issues during the administration of your estate. How you set up your estate plan may help to alleviate these concerns.
What should I be thinking about before I meet with an estate planning attorney?
It’s a good idea to make a list of all your assets – bank accounts, investment accounts, retirement accounts, pensions, real estate and life insurance policies. It is also helpful to have a general inventory of your personal belongings – especially if any items have significant cash value or personal value (for example, a china set that has been passed down for multiple generations). I will provide a questionnaire that can help you get started after our initial meeting.
You also should be thinking about any goals – leaving money or property to certain people, charitable donations, etc. All of this information will be helpful for the attorney to provide the client with good estate planning options.
Material presented on the Pearson Law Office, LLC website is intended for informational purposes only. It is not intended as professional advice and should not be construed as such.
Pearson Law Office, LLC., 5720 W. 120th Ave., Suite 3, Broomfield, CO 80020
phone: 720-514-9529 fax: 720-523-0725 email: [email protected]
Pearson Law Office, LLC., 5720 W. 120th Ave., Suite 3, Broomfield, CO 80020
phone: 720-514-9529 fax: 720-523-0725 email: [email protected]