Estate planning may not be a topic you want to dwell on, but it is essential for protecting your legacy and your loved ones. By taking the time to create an estate plan, you can protect your hard-earned wealth and ensure that your wishes are known to your loved ones in the event of incapacity or death.
Creating an estate plan is also essential to minimize the cost and time of probate, which is usually the most time-consuming and expensive legal proceeding after someone dies. As an estate planning and probate attorney in Denver, Colorado, I can help you with both: creating an estate that addresses your unique needs and goals and explaining your options for avoiding or minimizing probate.
At William H. O'Rourke, P.C., I also serve clients in the surrounding Metropolitan Denver Area, as well as up and down the 1-25 corridor from Castle Rock to Fort Collins. Set up a consultation today.
Estate planning is the process of arranging for the management and distribution of your assets after your death or incapacity. The goal of estate planning is to ensure that your assets are managed and distributed efficiently, according to your wishes, and with the least possible tax consequences or legal challenges.
There are many reasons why you should consider creating an estate plan. Here are some common reasons:
I would be delighted to get started on creating a comprehensive estate plan or trust that reflects your wishes and gives you peace of mind.
Probate is a legal process that occurs after someone dies to distribute their assets. During probate, the court oversees the transfer of assets to their heirs or beneficiaries. Generally, assets that go through probate include those that are not jointly owned or do not have a designated beneficiary who survives the owner. This can include things like real estate, bank accounts, investment accounts, and personal property.
However, not all estates need to go through court-supervised probate in the state of Colorado. Under Colorado law, assets can be distributed without opening probate when the decedent’s probate assets are valued below $74,000 (for deaths in 2022) and the decedent did not own real property.
Creating an estate plan and navigating the probate process can be overwhelming, especially if you do not know where to start. That is why it is important to consider the help of an estate planning and probate attorney. An attorney can help you understand the legal process, assist with filing all the necessary paperwork, and represent you in court if any disputes arise.
A skilled estate planning attorney can provide valuable guidance when it comes to creating an estate plan that can help your loved ones avoid probate altogether. By creating a comprehensive plan with an attorney’s guidance, you can help ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after you are gone.