Building a plan for your future and securing your assets may sound like a long, expensive process but how much does an estate plan really cost in Colorado? Keep reading to find out.
Understanding Estate Plans
The first thing to know about your estate plan is that every plan is different because everyone is unique. Your financial situation and life goals are vastly different from another person’s and your estate plan should reflect those differences. One size fits all planning does not provide the protection and peace of mind you need.
The other thing to keep in mind is that the cost of an estate plan depends on your unique needs. Do you want to put money and/or investments into a trust? Are you wanting to draft a power of attorney? These elements affect the scope and cost of your estate plan.
That said, Drexler Law offers affordable estate planning services and we always put our client’s needs before our own. We partner with various financial institutions to make payment easier for our clients. Our firm never takes a financial incentive, and we offer retainer services for clients who may need legal help in the future.
Estate Plan Elements
As mentioned previously, every estate plan is different. You have unique goals and needs that may necessitate different legal services. Thankfully, estate plans can be as in-depth or surface level as you need, and the basic elements of a plan can be adjusted to fit your life.
The most essential element in any estate plan regardless of your needs is a will. You may choose to make your will more or less detailed, but having one is highly recommended. A will is legal documentation of your wishes regarding your estate after death. Wills often include naming your beneficiaries, who will be your executor, and a comprehensive agenda for managing the estate. Without a will, your estate could go through probate which means your legacy would be at the mercy of the state instead of being handled by your loved ones.
Executor and Power of Attorney
In addition to creating a will, selecting an executor and power of attorney can make things easier on your loved ones after death. Executors are hand-picked by the owner of the estate (you) and oversee carrying out the deceased’s wishes including the dissemination of property to the beneficiaries and the liquidation of assets or payment of debts.
Power of attorney is a title that allows a person of your choosing to handle the estate while you are alive and, in some cases, make health care decisions on your behalf. It is crucial that you select someone you trust who does not have ulterior motives in taking over the position.
If you have a will, you may choose not to have a trust, but trusts can provide additional protection and insurance for your estate. Where a will is a guide, a trust is a guarantee that your wishes will be carried out as directed. Trusts are legal safes where you may designate a portion of your estate, business holdings, investments, or properties to a beneficiary.
Once a trust is in place, only the trustee can access the funds which means whatever is included in the trust is fully protected from probate. Additionally, trusts reduce estate taxes which means your loved ones can receive their inheritance in full.
Trusts may also help you protect minor children by building a fund for their care and education in addition to selecting a guardian in case you pass before they reach adulthood. For most people, estate plans are understood to be for the elderly but creating one can help you protect your children and loved ones after your death.
Estate plans are for everyone and can be tailored to fit your unique needs. Not only can an estate plan provide basic protection for you and your family, but it can also give your loved one’s peace of mind for years to come.
When you are ready to protect your legacy and provide for your loved ones, contact Drexler Law to find out about your estate planning options.