When planning your future, estate planning might not be at the top of your priority list, but it should be. Planning your property involves deciding how you will dispose of your assets when you die, and although this is not the most fun topic to talk about, it is a very important conversation.
If you do not know where to start with your estate planning, or what you should do, do not worry! There are plenty of resources and people to help you navigate this legal area.
If you live in Colorado, you must consult the state`s Estate Planning Laws that include Wills Laws, Durable Power of Attorney Laws, Probate and Estate Tax Laws and Living Wills Laws. These estate planning documents will help you to qualify for Medicaid, avoid probate, choose a guardian for minors, reduce estate taxes to the minimum, and more.
It is also very important to find a Denver estate planning attorney specialized in this subject to help you understand every implication of your wishes.
Searching for an attorney who can help you draw up a good estate plan can seem like a daunting task, but here is a list of resources to help you.
Ask your financial advisor
Your financial advisor can be an excellent source of information for you, including for finding a qualified attorney for estate planning, in your area. Many advisors see estate planning as an essential part of their clients’ overall financial goals, and thus they likely know one or more specialized lawyers that they will gladly recommend, according to the individual needs of each client.
If your advisor hasn’t addressed the topic of estate planning with you yet, make sure you do it. Also, go ahead and ask your advisor if he/ she made their own personal property plan already, and ask about the attorney they have collaborated with.
Ask your accountant
Many estate planning lawyers turn to accountants for getting help with real estate, trust, and income tax issues. Thus, the chances that your accountant will be able to recommend one or more real estate planning lawyers in your area is pretty high.
In turn, many accountants are looking for real estate planning lawyers for their clients, because accountants have direct access to their clients’ financial information and family situations that guarantee the need for an estate plan. Go ahead in this case too and ask your accountant if he/ she made their own personal property plan already, and ask about the attorney they have collaborated with.
Consult other lawyers
Chances are a lawyer with whom you collaborated in setting up your business, buying the house or reviewing a contract will know one or more qualified estate planning lawyers in your area. Lawyers are always happy enough to refer their clients to other lawyers who do not practice in their field of expertise, as this will also bring them benefit.
Estate planning is an ongoing activity and it should preferably begin as soon as you have a measurable asset base. As life progresses and goals change, the real estate plan should change, in line with the new goals. The lack of proper estate planning can cause unwanted problems.
