There are many misconceptions about estate planning. Some think it is only done by rich people who want to distribute their assets after their death. Others think that it is simply drafting a will and having it authenticated by a reputable estate planning attorney. What many fail to understand is that a well-crafted estate plan benefits everyone, regardless of their social status. Here are the basics that you need to know to help you create your own.
An estate planning lawyer in Colorado Springs, CO is often tapped to help a person draft their last will and testament. This legal document is considered to be one of the most important estate planning tools. A person's will describes how the testator wants their assets distributed once they die. It includes the names of the people who they want to inherit their properties.
The will may also be used to name a legal guardian, in case the testator leaves behind minor children. A chosen executor, who can help with the administration of the assets, may also be indicated in the document.
Another legal document needed for an estate plan is a power of attorney (POA). This lets you assign a person (called an attorney-in-fact) to act on your behalf.
There are two types of POAs you should know about when creating an estate plan. The first one is called a Financial POA. This document assigns a person who will be responsible for making financial choices for you. The second type is a Healthcare POA, which gives someone the authority to decide on anything that concerns medical treatment.
Asking for legal assistance from a trusted estate planning attorney is crucial. They can help you draft your will and collate essential documents for distributing your assets in the future. Look for a lawyer who specializes in estate planning and who can explain all the technical and complex parts of the whole process to you. It is also advisable to choose an attorney you are comfortable working with because you will have to share personal details of your life with them.
If you are searching for an estate planning lawyer in Colorado Springs, CO, Beth Sparks Hunt, Attorney at Law can help. We can walk you through the whole process of creating a legally sound estate plan and assist you in protecting your assets and ensuring that they will be given to the right people. Get in touch with us today for more information.
