An estate plan is a set of documents which says who will speak for you if you cannot, who will manage your property if you are unable to, and who will receive that property when you die. A good estate plan addresses both death and disability, and it is coordinated with the parts of your estate that pass outside of a will (e.g., retirement accounts, life insurance and jointly owned property).
Elkhorn Law prepares estate plans for Estes Valley residents and for the many families who own a home or cabin here but live elsewhere. For such families, the Colorado property often deserves particular attention, since property in a second state can require a second probate proceeding if it is not planned for.
What We Prepare
A standard estate plan from our office includes a Will, a financial Power of Attorney, a medical durable power of attorney, an advance directive (i.e., a “living will”) and a declaration for the disposition of your last remains. From there, we add what your situation calls for:
- Trust: a revocable living trust, which holds your property during your life and passes it to your beneficiaries without probate.
- Special Needs Trust: for a child or other beneficiary who receives (or may someday need) means-tested public benefits.
- Family Cabin Trust and Family Cabin LLC: two ways to keep a family property in the family for the next generation, with rules for use, cost-sharing and buyouts.
- Prenuptial Agreement and Postnuptial Agreement: agreements between spouses (or future spouses) which often work hand-in-hand with an estate plan, particularly in a second marriage.
- Avoiding Probate: beneficiary deeds, payable-on-death designations and the other tools that let property pass outside of court.
How We Work
We begin with a consultation, in which we review what you own, who depends on you and what you want to happen. Elkhorn Law quotes most estate planning work as a flat fee after that first meeting, so that you know the cost before any drafting begins. We then send drafts for your review, revise them as needed, and meet with you to sign the final documents with the required witnesses and notary in our office.
Procrastination is the most common problem we see. A good estate plan that addresses your life and death today is enough; it can be updated as your family and property change.
For a short overview of the topics we cover with every client, read 10 Things You Should Know About Estate Planning.