Every responsible adult should consider estate planning. Whether you are 25 or 85, if you want to make sure your loved ones and your property are taken care of when you pass away, you must have a plan. Legal issues and family arguments are inevitable if you do not address property arrangements. The following basic information about estate planning can help you start your own estate plan.
Generally speaking, estate planning is the process of planning the disposal of real property in the event of death. This includes minimizing taxes and probate associated with property, whether or not it is given to others. Estate planning also may include designation of guardians for minor children.
Estate Planning Lawyers
Lawyers that specialize in estate planning can help identify potential problems with an estate plan. These specialists also prepare any legal documents necessary to legitimize an estate plan. Finally, a lawyer can execute the estate plan when necessary.
Estate Planning Law
Many laws govern what can be done with real property upon death, including how property can exchange hands upon death, and how taxes are paid upon death. A good lawyer that specializes in estate planning can help minimize any negative circumstances that could be associated with an estate.
Wills and trusts are both tools to distribute an estate upon a person’s death. Trusts are becoming more popular because they eliminate probate proceedings. Talk to your estate planning lawyer to determine which tool is best for you.
A will is a traditional tool for distributing an estate upon death. It basically defines who receives what property. It typically costs less money to prepare a will than to prepare a trust, but probate proceedings can complicate the process.
Power of Attorney
Power of Attorney is used to give legal authority to another person to make legal decisions for someone else. The most common use of Power of Attorney is to give legal power over finances and property to a family member when a person is ill or disabled.
Probate Real Estate
When a person dies without a will, the probate court takes control of the estate. The court typically sells the real estate below market value to sell it fast. A will designates an owner of the property to avoid probate.
Denver Probate Law
The Denver probate court serves the entire county and city of Denver in all probate matters. An probate lawyer can help you determine what laws could affect your estate in the county or city of Denver.
Do you know how you would handle the costs of long-term medical care? It might be helpful to determine if and when you will be eligible for Medicaid. Planning for the possible expense of long-term medical care can help save the financial integrity of your estate.
Real Estate Investment Trusts
A Real Estate Investment Trust (REIT) deals with reducing or eliminating corporate income taxes by corporate investing in real estate. Many lawyers that specialize in estate planning also specialize in REITs and other tax-related subjects.