On July 1, 2016

What Your Estate Plan Can Do: Top Reasons to Develop an Estate Plan

What Your Estate Plan Can Do: Top Reasons to Develop an Estate Plan

Yes, you need an estate plan if you are serious about preserving your legacy, as well as protecting yourself and your loved ones in the future. Here’s why…

What Your Estate Plan Can Do: Top Reasons to Develop an Estate Plan

Some of the primary reasons why developing an estate plan is so important include that this plan can:

  • Protect you if or when serious health complications arise – Estate plans are not only focused on what happens after death. They can also include incapacity planning, detailing your wishes for what should happen if you are ever unable to make or articulate decisions for yourself in the future (due to, for instance, a serious accident or the development of a debilitating/degenerative disease).
    • Estate planning devices that can be used to this end include financial and/or medical powers of attorney. These can be as expansive or limited as you need or prefer.
  • Protect your children – Your estate plan can set up special plans for who will take care of your minor children while also providing them with financial support in the future. Additionally, if your children have special needs, you can devise specific features to protect and support them (without compromising their access to government benefits).
    • Estate planning tools that can be used to protect and plan for your children can include (and are by no means limited to) guardianships, conservatorships, wills and trusts.
  • Minimize your loved ones’ probate costs and obligations in the future – Without a comprehensive, up-to-date estate plan (or any plan, for that matter), it’s far more likely that your estate will have to pass through probate. This process can be time-consuming, complicated and possibly costly – and it can result in more of your estate’s assets going towards probate costs, rather than to your loved ones.
    • Estate planning tools that can be used to help your loved ones avoid probate can include (and, again, are not necessarily exclusive to) wills and trusts.

The Importance of Estate Planning: The Bottom Line

When it comes to estate planning, the bottom line is that you never know what the future holds – or when an accident, health complication or some other event may happen. If you’ve taken the time to develop an estate plan, however, you can rest assured that you, your loved ones and your legacy will be protected, regardless of what tomorrow brings your way.

Contact a Denver Estate Attorney at JR Phillips & Associates, PC

For experienced help with any aspect of estate planning in Colorado, contact a trusted Denver estate attorney at JR Phillips & Associates, PC. Our attorneys provide a thoughtful, comprehensive approach to our clients’ estate planning needs, and we take pride in helping each of our clients and their families devise the best solutions for them. While this means that we provide personalized attention at every step of the process, it also means that our clients can rely on us to always be competent, caring and professional while providing them with the highest quality estate planning services at affordable rates.

Let’s discuss your estate planning needs and options during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Drafting Wills, Estate Planning, Powers of Attorney, Probate