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Pueblo, CO 81003-2259
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Everyone should address certain basic estate planning needs, for failure to do so leaves your family potentially facing a lot of conflict and expense. We’ve described here a sampling of documents that you should consider in implementing an estate plan:
Living Will (Declaration as to Medical Treatment)
You make detailed decisions regarding what treatment should and should not be administered in the event 2 physicians document in writing that you have a terminal condition or exist in a persistent vegetative state, as those terms are defined by law. Executing a living will lets you make the decision while you still can and removes the burden of that decision from other family members.
Durable Health Care Power of Attorney
This document allows you to appoint a trusted family member or friend to direct medical treatment for you, when you cannot communicate those directions to your physicians. Failure to execute this document has the potential of causing delays in treatment, conflicts among family members and unnecessary expense in having a court decide who should make the decision.
General Power of Attorney
This document enables a trusted family member or friend to take over financial matters for you, and as your agent, be treated legally in all respects, as though they are you. As with health care powers of attorney, failure to execute this document has the potential of causing delays in paying bills or selling assets, creating conflicts among family members, causing great expense in having a court involved in deciding who should take over for you and supervising that person’s every action.
This document creates the opportunity of transferring your interest in real estate upon your death without your relinquishing a present interest in the property while you are still alive and avoiding probate to accomplish the transfer. This is a means of preserving certain tax advantages that are extinguished if the transfer occurs in your lifetime. The document is revocable, so if you change your mind, the beneficiary can be changed, or the document simply revoked altogether.
This document will transfer interest in your estate that doesn’t pass by some other means (joint tenancy, beneficiary of a life insurance policy, transfer on death beneficiary, trust, or beneficiary deed to name a few examples) to the persons or other donees that you choose. Failure to execute a will or trust or provide a direct transfer of assets will leave your heirs in a position of receiving their interests as directed by Colorado law, not by your wishes.
Trusts are agreements that are generally used to manage your property and provide direction of how long the assets will remain in trust and for whose benefit the assets are being preserved and how the income and principal of the trust is to be distributed. Trusts are either living trusts that you execute in your lifetime that can be revocable or irrevocable, or they may be trusts that are created within your will, which are known as testamentary trusts.
At Naylor & Geisel, P.C., we will discuss with you what estate planning vehicles are appropriate for you. We won’t sell you fancy notebooks with a lot of documents that you’ll never understand or use. We shall attempt to implement an estate plan for you that is perfect for your wishes and circumstances.