The Greatest Gift You Can Give Your Family This Year

The holiday season is a time for family, for thinking about what is most important in your life, and for showing those you love how much they mean to you. While it may not be the most festive thing on your mind, estate planning may be the most important gift that you can give to your family this year. 

Estate Planning is for Everyone

Believe it or not, you have an estate. Big or small, everyone has an estate that needs planning. All assets, including bank accounts, real property, businesses, personal property, life insurance policies, stocks, bonds, and brokerage accounts are included in your estate.  A plan can help protect these assets and smooth the transfer of your estate to your heirs and beneficiaries. 

Many people believe that they are not old enough, close enough to retirement, or wealthy enough to think about estate planning, but that just isn’t true. The reality is that everyone should have an estate plan in place, no matter their stage in life. What’s more, everyone does in fact have an estate plan prescribed by law if they haven’t taken the time to make one of their own. This plan can (and should) evolve over time to adapt to changing circumstances and growing families.  Those families with modest assets actually benefit the most from effective estate planning because they have the most to lose. You want the peace of mind to know that your family will be taken care of. 

Already Have a Will?

If you have met with an attorney in the past about estate planning - that’s great! You already have taken some steps toward making sure that your family is protected. But, how long has it been since you reassessed your plan? Has your financial situation changed? Has your family grown? Have you gained any new assets? It may be time to take a second look. 

A will alone is a set of instructions for the court. If you have a will, your estate will first need to go to probate, where the will can be validated, put on public record, and interested parties can be given a chance to contest it.  Depending on the size and complexity of your estate, Colorado laws lay out a specific and public process by which your assets are passed to your heirs. This can take a long time and may not create the result you intended.

Putting together a comprehensive estate plan will minimize taxes, legal fees, and court costs and allow the passage of your estate to your heirs to remain a family matter and out of courts as much as possible. You can incorporate a revocable living trust and update your beneficiary designations to keep as many assets as possible off of the public record and out of probate court.  Any assets that can be transferred through a revocable living trust or beneficiary designation should be, keeping your assets and your heirs off of public record and out of probate court.  

Failure to have an up-to-date estate plan can cause major problems for your family and loved ones. Any details missed in an estate plan will revert to the laws of your state, and they may not be what you would choose for your heirs.

Do You Really Need an Attorney?

Estate planning can be daunting, but a good attorney can talk you through all possibilities, including writing a will, setting up trusts, and designating beneficiaries to help keep assets out of probate. Working with a professional can make sure that all of your decisions are legally sound so that no part of your estate plan will be invalidated, creating unintended results. An experienced attorney can also suggest possible scenarios and contingencies that you may not have thought about. They have been through this before, so let them help!

An estate plan should adapt and grow with you and your family throughout your lifetime. It is imperative to find an attorney you trust and who understands your values. Building a relationship with an estate planning attorney who has your family’s best interests at heart is one of the best steps you can take toward easing your mind.

This holiday season, take the first steps toward planning for your and your family’s future. Start looking for an attorney who can help you put something into place now.  You can always change it later, and in fact you should. Getting started can be the hardest part, but having a solid plan in place can do a lot to make you feel secure. Think of estate planning as a gift to your family, your heirs, and yourself. 

Contact Stewart + Gordon Today

If you are not sure you need an attorney, you can always come in for a consultation to discuss your situation. Please contact our office if you are ready to give this incredible gift to your loved ones.  

Call us today at (303) 337-2400 to schedule your free consultation with a Denver area estate planning attorney today.