Estate Planning: Wills, Trusts, and Power of Attorney

Estate Planning in Wheat Ridge, Arvada, and Jefferson County

estate planing, will, trust, power of attorney

While no one likes to think about what life would be like if they weren't around, it's very important for your family to make sure that they are protected along with your assets. The best way you can protect them is through an estate plan. An estate plan consists of many individual components that work together to protect your assets and your beneficiaries. Those components include:

  • Will
  • Guardian
  • Living Trust
  • Medical Power of Attorney
  • Durable Power of Attorney
  • Advanced Medical Directive

Let's take a closer look at each component and the role they play in protecting your family and your assets.

Colorado Attorney for Drafting a Will

A will is a simple document that designates which family members or others you want to have your property, money and sentimental objects after your death. Without a will, state law determines what happens to your possessions. In your will, you choose who will be your representative and how your wishes will be carried out. You can revise your will at any time in the future as your personal circumstances change. A will is a personal document that is not filed with the county until the person's death.

Guardianship for Minors: Who Should Care for the Children?

A will also provides a way for you to name a guardian for your minor children in the event of your death. Without a will, the court decides who will raise your children.

Living Trust Attorney in Lakewood

A living trust is a document that allows you to transfer your property during your lifetime to provide for asset management in the event of your incapacity, as well as upon your death. Property transferred to a living trust will not be subject to probate. You can alter your living trust anytime during your lifetime and even revoke the entire trust if you choose.

Choosing Your Power of Attorney: Medical Power of Attorney and Durable Power of Attorney

A medical power of attorney allows you to appoint someone as your agent who can make medical decisions for you if you cannot do so. This document also gives that person (your agent) access to your medical records. By creating a general durable power of attorney, you appoint someone as your agent who can conduct your financial and business affairs on your behalf during your lifetime. This document can be effective upon your incapacity or immediately as a matter of convenience for you.

Advanced Medical Directive in Jefferson County: Your Living Will

In Colorado, this document instructs your medical providers to withdraw life sustaining measures in the event that you are 1) in a coma; 2) unable to communicate for seven days or more; and 3) in a terminal condition that has been certified by two doctors. If you are only receiving artificial nutrition, you can choose if you want to continue it and for how long. You can also specify specific desires as to end of life decisions such as living with family members or not, implementing a DNR (do not resuscitate order), and defining what, for you, would be quality of life. This gives you a say toward that time in your life and informs your loved ones of those specific desires.

As you can see, estate planning is very important in protecting yourself, your family, and your assets. If you are ready to begin your estate planning journey, contact the best estate planning attorneys from the Pearman Law Firm at 720-259-9528 or toll free at 888-835-6339.

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