If you own significant assets such as equity in a home, trusts can spare your beneficiaries the pain of a probate proceeding. Trusts can also help you accomplish specific goals, such as protecting the assets you bequeath to beneficiaries. Two of their most common forms include revocable and irrevocable trusts.
Revocable living trusts allow you to remain in control of your personal and financial affairs while you are alive and well, and they let you decide in advance how you want to be cared for.
Irrevocable trusts are more specialized planning documents in that they can be designed to bestow gifts, maintain separate property, achieve an income, gift, or estate tax goal, or protect beneficiaries from themselves or others’ claims against your assets.
Advanced Health Care Directives
Who will speak for you if you are unable to communicate with your physicians and health care providers? What are your exact instructions to your doctors? A vital part of any estate plan, an advanced health care directive can answer these questions. These legally binding documents allow you to designate a trusted individual to make medical decisions for you if you are physically unable to do so.
Powers of Attorney
Without a power of attorney in place, a family member could make decisions for you if you are incapacitated and unable to communicate your wishes. Assigning a power of attorney can allow your family to avoid complex financial and guardianship proceedings. Be sure to note that general powers of attorney give the agent unlimited power over your property, which may or may not be honored by third parties, such as your bank or brokerage.
Put a Personalized Plan in Place
You’ve built a life based on your unique experiences. Allow our dedicated attorney to help you craft an estate plan that is just as special. To learn more about our estate planning services in Northglenn, Colorado, get in touch with us at Koppenheffer & Koppenheffer LLP. We offer free 30-minute consultations to clients throughout the area, including Broomfield, Thornton, Louisville, and Westminster.