April 2025 | Peakstone Law Group, LLC

Making a will allows you to specify who will receive your assets after you die. It takes effect only after you die, at which point the will must go through probate, where a court oversees the process of distributing your assets.Estate planning includes the process of making a will, but a comprehensive estate plan also includes other legal instruments, such as trusts, powers of attorney, and advance directives. These tools allow you to manage assets during your lifetime and can simplify the process of transferring your assets to beneficiaries after your death.You can also address the possibility of your incapacity in your estate plan by designating who will handle your financial and medical decisions if you cannot do so yourself.What Does Making a Will Involve?Creating a will requires you to choose beneficiaries, name an executor, and specify how your assets should be distributed after your death. In Colorado, you must sign your will in front of two witnesses or have it notarized as a self-proving will to simplify probate.If you die without a valid will, Colorado’s intestacy laws determine who inherits your assets, which might not align with your wishes. A will also allows you to name a guardian for your minor children. It’s best to regularly update your will to ensure it reflects changes in your family structure, financial situation, and applicable laws.What Is Estate Planning?Estate planning involves using various legal tools to manage your assets and your health during your lifetime and determine how your assets are distributed after your death. Comprehensive estate plans typically include wills, trusts, powers of attorney, and healthcare directives.Trusts allow your assets to pass to your beneficiaries without probate and can provide conditions for how and when distributions occur. A financial power of attorney lets a trusted person manage your money and property if you become unable to do so. A healthcare directive allows you to specify your medical treatment preferences, such as your wishes regarding life support, in case you cannot communicate them yourself.Estate planning documents can also address estate tax strategies, business succession, retirement accounts, life insurance policies, and other asset protection. A well-prepared plan can reduce costs, delays, and potential disputes for your loved ones.Benefits of Estate Planning Over Making Just a WillEstate planning gives you more control over how your assets are distributed and can prevent unnecessary legal costs. Trusts allow your beneficiaries to avoid probate, which can reduce delays and expenses. A financial power of attorney ensures that someone you trust has the authority to handle your financial matters if you become incapacitated. A healthcare directive can provide clear guidance for your medical decisions, which can prevent uncertainty for your family.Estate planning can also help you protect your assets from creditors and unnecessary taxes. Without estate planning, your loved ones could face complications, court proceedings, and unnecessary financial strain.How Our Estate Planning Attorneys Can Help YouAn estate planning attorney from Peakstone Law Group, formerly known as Patterson Weaver, can prepare an estate plan for you that suits your financial and family situation. We can create your will, establish trusts, and draft powers of attorney and healthcare directives. Our lawyers can also explain the potential tax implications of various estate planning components and recommend ways to reduce costs for your beneficiaries. We can update your estate plan as laws change or when major life changes occur.Take control of your future by getting started on your estate plan today. Contact Peakstone Law Group to discuss your estate planning goals in a free consultation session with an estate planning lawyer.

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Month: April 2025

Difference Between Making a Will and Estate Planning