Estate planning is an important strategy that involves making the necessary arrangements so that your assets go to the right beneficiaries if you were to become mentally incapacitated or pass away. While not everyone is comfortable thinking about their mortality, death is a fact of life. One of the questions you must ask yourself is, what happens to my assets when I’m gone?
In America, only 4 in 10 adults have a will; usually these people are older adults who, with age, face the reality that having an estate plan is important. Contrary to popular belief, estate planning isn’t just for the old and wealthy. Everybody can benefit from planning their estate, regardless of age or social status.
In this article, we’ll tackle estate planning and why it’s so important. We’ll also discuss the estate planning services we provide and why Lewis & Matthews, P.C. should be your go-to law firm when it comes to accomplishing this crucial task.
A Closer Look at Estate Planning
An estate plan is composed of a series of documents that contains instructions and declarations on how you would like your estate transferred to your heirs and beneficiaries. An estate may include the following:
- Bank accounts
- Investments and insurance
- Other items of value and personal possessions
An estate plan is basically a written record of your estate-related wishes. It ensures that your hard-earned assets are given to the people or organizations close to your heart. By arranging your affairs and finances before you’re not able to, you spare your loved ones the stress and hassle of contesting state law and probate courts that will take over when there’s no estate plan in place. Estate planning is taking control of what you’ll leave behind.
Reasons Why You Should Plan Your Estate
1. Distribute Your Assets According to Your Wishes
An estate plan guarantees that your assets will be passed on to the correct people. You don’t have to be a high-net-worth individual to make arrangements regarding your estate. As long as you have valuable assets to leave and people to give them to, you should consider estate planning.
2. Secure Your Family Financially
Typically, investments and insurance in estate planning create a financial safety net for your loved ones so they can continue to enjoy the same quality of life.
3. Reduce Estate Taxes
Many people are motivated to put an estate plan together because of the significant loss they might have in paying federal and estate taxes. Consulting a lawyer helps you explore estate planning techniques to make estate or inheritance taxes less burdensome.
4. Prevent Family Conflict
There have been many horror stories about families fighting over who will get what, and when and how they will get it. By planning ahead, your loved ones won’t have to waste time and money to get things in order. More importantly, relationships won’t be strained.
5. Shape the Legacy You Want to Leave Behind
If you have enough wealth to allocate to philanthropic activities and charitable work, estate planning ensures that your intentions are carried out. Are you thinking of establishing a family foundation? Perhaps you want to donate to nonprofit organizations? Whatever legacy you have in mind, an estate planning attorney will help you implement this in the future.
Estate Planning With Lewis & Matthews, P.C.
A well-constructed estate plan is usually drafted by an attorney. However, it’s not as simple as creating a will or a trust. A comprehensive plan lays out strategies to preserve and grow your assets, as well as legal methods of minimizing tax liabilities. It should also contain documents such as healthcare powers of attorney and directives on who should speak on your behalf when you are unable to.
Since estate planning involves complicated legal processes and paperwork, it pays to hire an experienced attorney. Search no further than our law firm. Our areas of practice are estate planning and family law. We take pride in our in-depth knowledge of Colorado state law and our years of experience working with several clients. Our work entails making sure that your documents are properly worded and executed.
Our Estate Planning Services in Colorado
Our services include but are not limited to:
- Last will and testament
- Powers of attorney
- Declaration of medical treatment or living will
- Living trust
- Asset protection
Prepare for End-of-Life Now
Making arrangements for end-of-life might seem morbid, but estate planning is a smart move that shouldn’t be overlooked. The COVID-19 pandemic and rising death tolls worldwide have changed people’s mindsets toward estate planning. In 2022, 24% of young adults have readied their estate planning documents—a significant increase from just 16% in 2020.
However, planning your estate is not about jumping on a trend; it’s a matter of showing one last act of love for your dear ones when you’re no longer around. At Lewis & Matthews, P.C., we strive to fulfill your last wishes with professionalism and integrity.