Planning your estate may seem daunting — nobody enjoys the process. However, it is well worth it to avoid the complicated, frustrating ordeal your loved ones will be required to endure to administer your assets without an estate plan in place. Working with you, the attorneys of Buchanan & Stouffer can help ensure that your wishes are respected and your estate is protected by helping you create a will and/or revocable living trust that is tailored to your specific situation.
What estate planning approach is most effective? The answer is very personal, and depends on the needs and desires of each person. Since 1979, our attorneys have been helping our clients explore the benefits of different estate planning tools, including:
Wills: A will is nothing more than a formal set of instructions to the probate court concerning how a person wants to dispose of his or her assets after death. A will is also used to nominate an executor — or personal representative — of an estate, as well as a guardian for minor children.
Revocable living trusts: Like a will, a revocable living trust is used to record wishes and instructions regarding the disposal of property at death. A trust can also be a vehicle for managing assets during a person’s lifetime – something a will does not do. A revocable living trust is an effective vehicle both to plan for possible incapacity and avoid probate at the time of your death. Because the Colorado probate process is much simpler and less expensive than those of many states, revocable trusts are not used here strictly to avoid probate.
The use of a will or trust in your individual situation is dependent a number of factors, such as the size and nature of your estate and whether or not you own property in more than one state. Including a trust in your estate plan can help your family avoid multi-state probate.
Our lawyers can help you determine whether a will, a revocable living trust or another technique will best serve you and your family’s needs. We will work closely with you to understand both your wishes, and the assets you own in order to help protect your estate from unnecessary financial or administrative consequences.