On July 15, 2015

Each year, close to 2.5 million Americans die. What may be just as unfortunate as these deaths is the fact that, in many cases, the decedents end up passing away having never signed some basic estate planning documents. This can leave their families facing more financial and emotional stress than they would have had a will or estate plan been put in place.

Below, we’ll point out some of the most important reasons to prioritize developing an estate plan ASAP if you don’t already have one.

Here’s Why It’s Crucial to Develop an Estate Plan Now…

1 – You want to protect your family.

Here are the top reasons that you need an estate plan if you don’t already have one in place, a trusted Denver estate planning attorney explains.

Here are the top reasons that you need an estate plan if you don’t already have one in place, a trusted Denver estate planning attorney explains.

A comprehensive estate plan can provide various protections to your family upon your passing. In fact, depending on your needs and wishes, your estate plan can:

  • Detail your wishes regarding end-of-life care, saving your family from having to make these difficult decisions on their own without knowing what you would have wanted
  • Provide details regarding your final arrangements, which again can be extremely helpful when it’s time for your loved ones to make these plans in the midst of grief
  • Set up various estate planning tools to help your loved ones avoid probate later – This can be crucial if you want to ensure your family has access to essential financial support ASAP after you pass (as assets that have not been properly planned for can be tied up in probate for months or longer).

Additionally, if you have loved ones with special needs, putting an estate plan together now can ensure that you provide these loved ones with the proper financial support in the future (and that this is done in a way that won’t make them ineligible to receive government benefits down the line).

2 – You want to preserve your assets for future generations.

Estate planning is not only about protecting your loved ones. It can also be about preserving your – and your family’s – legacy for future generations.

To this end, estate planning can be essential to keeping certain property, assets or heirlooms in the family, rather than having them possibly go to loved one’s creditors (or to others who may be suing your loved ones for whatever reason).

3 – You want to protect your business.

If you have a business that you want to continue to be operational after you pass away, again, estate planning will be crucial to protecting your business. In fact, with estate planning, you can specify how your shares or ownership in a business will be transferred upon your death. You can also lay out details for what should happen to your business in the event you become incapacitated.

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

Are you ready to start devising an estate plan? If so, you can turn to the Denver estate planning attorney at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning needs, and we take pride in helping each of our clients and their families find the best solutions for them.

To discuss your options and get the estate planning process started, let’s meet for 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: Estate Planning