Who should you consult while planning your estate?

| Oct 30, 2020 | Estate Planning |

For many people in Colorado, estate planning can seem confusing and overwhelming. If they’ve never written an estate plan, they have no idea where to start. Common questions might be “Do I need an attorney?” “What should I include in my will?” “What happens if I don’t make an estate plan before I die?” Fortunately, working with a team of professionals can help people find answers to all their questions.

Who should you consult when you start planning your estate?

At the start of the estate planning process, you should hire an attorney to help you write your will. Your attorney can help you write a legally-binding document that addresses all your assets and covers unforeseen circumstances. For example, your attorney can help you plan for the possibility that a guardian for your minor children might be needed in the event of your death.

If you don’t have many assets, it might be tempting to assume that you don’t need to write a will. However, if you die without a will, the state law of intestacy will decide how your assets will be divided. If you don’t have any heirs, or your heirs die before you do, it becomes even more complicated. During the process, you should also talk to an accountant about your plan. Your accountant can answer your tax questions and help you figure out how to leave behind an estate that is taxed as little as possible.

What else can an attorney do to help you plan your estate?

An attorney could help you write other important documents like a living will. It might help you make decisions about your medical care in the event that you have a terminal illness. An attorney may also help you set up trusts for your family members.