Colorado Estate Planning Law
Many people ask us if they should use a will or a trust as the foundation of their estate plan. Like most of life, the answer is, “It depends on the circumstances.”
Both wills and trusts are valid estate planning tools. They both do many of the same things: spell out who should receive your property when you die, how they should receive it, and who should be guardians of your minor children. However, they do these things in different ways, and the typical revocable trust does a few other things as well. Our job as lawyers is to ask you the right questions about the size, amount, and nature of your assets, your level of concern regarding the possibility of incapacity, whether avoiding probate is important to you, and whether you may end up living in another state. The answers to these questions could change the answer of which set of tools is best for you.
At the law firm of JR Phillips & Associates, P.C., we can draft a basic will starting at only $249. If you have modest means, the three basic documents consisting of a will, powers of attorney and a living will may be all that you need. If you need more than the basics, you can easily add other provisions, such as trusts. If estate tax planning is an issue, you may want to employ more sophisticated tools and devices to keep your hard-earned money away from unnecessary taxation. We serve clients in the south Denver metro area and throughout Colorado.
Reviewing Existing Wills and Estate Plans
We are happy to review, modify or update your current will and other estate planning documents, even if we did not create them for you. Whether it is correcting a technical error, adding important sections, or making a subtle change, making the appropriate modifications in your will could make a big difference in the outcome.
It’s important to review your will and other estate planning documents with a trained estate planning lawyer whenever you undergo a significant change in your life, such as buying property, getting married, getting divorced or having a child.
Drafting New Wills and Estate Plans
If you have no existing will or estate plan, we will be happy to evaluate your situation, analyze your needs and alert you to potential problems. Remember, prevention is always less expensive than the cure.
Call Today for a Free Consultation
Call 303-741-2400 or fill out the contact form on this website to schedule a no-cost, no-obligation consultation.