Centennial Estate Planning Lawyers Can Help
No one likes thinking about their own death. However, planning for the inevitable can give you peace of mind now, knowing that your property, your assets, and your loved ones are well cared for. Colorado’s estate laws give you the tools you need to protect your loved ones and your estate after you pass away.
There are many options to choose from, depending on the size of your estate. An experienced Centennial estate planning lawyer can help you review all of your options, so you can choose the best one for you.
What Happens If You Do Not Have an Estate Plan?
If you die without a will or trust in place, your assets will need to go through the probate court. Unfortunately, this means that your heirs will need to wait even longer to receive the inheritance they are entitled to.
The probate process is time-consuming and can result in fighting between heirs. This can make an already difficult time of grief even worse.
When you die without an estate plan, the courts must decide which of your heirs will receive your estate. They will make these decisions based on Colorado law. As a result, your heirs could wait for months or even years before the estate is officially divided. In some cases, probate can take more than three years.
How long the probate process takes depends on many factors, including:
- The number of heirs
- Filing estate tax returns
- The experience level of your estate lawyer
- Infighting among heirs
- A large number of assets or property
- Financial problems or debts before death
The Trouble with Probate
Not only is the probate process long, but it is also public. Unlike trusts, when an estate goes through probate, it becomes public record. This can cause family members and siblings to turn against each other when fighting over assets. Since assets and property are public, privately passing property or assets to specific individuals is not likely.
Revocable Living Trusts Can Help
One of the best ways you can protect your estate, and protect your loved ones from a lengthy probate process, is to establish a revocable living trust. As the grantor of your trust, you decide who gets your assets, not the courts. If something changes before your death, changing the terms of a revocable living trust is not difficult. It is even easier with an experienced Centennial estate planning lawyer on your side.
Contact Our Centennial Estate Planning Law Firm Today
Providing for your loved ones after your death is a necessary and important process. The steps you take now could adversely affect them when you are gone. You do not want them to go through a lengthy probate process while they are still grieving. You want to ensure that your property and your estate pass over to your family easily and without burden.
The best way to ensure this is to contact a Centennial estate planning lawyer today. At Skipton Law, LLC, our lawyers take the time to discuss your needs and help you create an estate plan that is best for you and your loved ones. We help families and individuals throughout the Denver area craft estate plans, wills, and trusts. Call us today at (720) 613-2633 or fill out our confidential contact form to schedule your initial consultation.