Estate Planning

Wills, trusts, powers of attorney and more

Estate Planning

At Greer Law, we believe estate planning is essential for everyone. Since none of us can predict when we will die or become ill, an estate plan helps prepare your family for challenging situations and decisions. We address your most significant concerns and help you put a plan in place for healthcare and financial decisions if you can no longer make them for yourself. We also protect your assets and help you determine what happens to them when you’re gone. If you don’t have an estate plan, then state laws and courts will decide who gets your assets when you pass and who can make healthcare or financial decisions for you while you’re alive. The result rarely aligns with your wishes.

Planning is essential to our life, especially in our later years. Having a proper estate plan ensures your wishes are carried out, provides potential tax savings, and makes things easier for your family during difficult times. It also ensures you have control over your quality of life, your home and valuables, and your privacy, so your family has some peace of mind when you have passed. These legal documents provide detailed instructions for loved ones to follow if you become incapacitated due to accident or illness or when you die. Common documents include:

Wills

A will is probably the best-known part of estate planning. It outlines your wishes for how you’d like your property distributed, and names a personal representative who will handle your affairs and distribute your assets. In your will you can name a guardian for your minor children, and even pets. You can also name someone to handle the money on their behalf, an “inheritance manager” so to speak.

Trusts

Setting up a trust can do all the things your will can do, but it further protects specific assets and property to ensure they are there for your loved ones when they need them. While your will must go through the public court process of probate, your trust does not. This makes estate administration go more smoothly and offers privacy for your heirs.

There are many different types of trusts, which are used for a wide variety of reasons, the most common is the Revocable Trust, or a Testamentary Trust. In this type of trust, you retain ownership of all the trust assets during your lifetime, which means you can change your mind about what is and isn’t in the trust, and you control where these assets go after you pass away. It is important to note, however, that this type of trust does not provide any protection against creditors nor is it a tax planning tool.

An Irrevocable Trust is used in situations where you are looking for greater asset protection, minimizing tax obligations, or to protect the eligibility for government assistance benefits for an ill spouse or a person with disability. Greer Law will help you decide if a trust is right for you and what type is best for your individual needs given your particular situation.

Living Wills

In a comprehensive estate plan, a living will, also known as an advance directive, to clearly express your wishes and decisions about end-of-life care and treatment.

Medical Power of Attorney

A medical power of attorney allows you to appoint someone you trust to make medical decisions in the event you are unable to do so. If you don’t have a medical power of attorney in place, you run the risk that your loved ones may interpret your wishes differently than you intended or they may disregard them all together thinking they know what is best for you. It is important to discuss the type of healthcare you’d like to receive with your named power of attorney so that they will make decisions consistent with your wishes.

General Power of Attorney

A general power of attorney is vital to an estate plan, allowing you to name a trusted person to manage your finances and property if you are unable. Without powers of attorney, family members may face guardianship proceedings to access accounts, pay bills, and make financial decisions.

Elder Care Services

As much as we hate to admit it, we are all getting older. We may notice that it is harder to get around, making daily tasks difficult, or notice that our memory isn’t quite what it used to be. By being proactive, you can make your own choices about where you live, and how you’re being cared for rather than having to figure it all out when an emergency happens, and your options are limited. If you or an aging parent have concerns about the future, learn more about long-term care and proactive Medicaid planning.

Ready for the next step?

Contact our compassionate Denver Metro Area Estate Planning law firm for guidance.