Many people are under the impression that a simple will may be all the estate planning they need. A will can be a very effective way to lay out specific instructions as to how you want your property and assets distributed upon your death.
A will can also be used to:
- Name the executor of your estate
- Assign guardianship for your children and the property they will receive
- Make a clear decision on how taxes and debts will be paid
- Make arrangement to provide for pets
- Backup a living trust
What a will cannot do is:
- Leave certain types of property
- Make final arrangements, such as laying out funeral instructions
- Reduce or avoid estate taxes
- Avoid the cost or time of probate
- Set specific conditions on the assignment of gifts
- Arrange to provide for a beneficiary or heir who has special needs
- Leave money or property to a pet
If you have any issues not covered by the simple preparation of a last will and testament, you may want to consider using some of the other estate planning tools to address your exact situation. A living trust can be used to property assets, avoid probate and reduce estate taxes. Powers of Attorney can be used to give another person, whom you trust to follow your wishes, with the responsibility of acting on your behalf in the event you become disabled or unable to make decisions for yourself.
To get a more in-depth understanding of the estate planning tools available to you, we advise you speak with a Boulder wills attorney at Flatiron Legal Advisors, LLC immediately. Our firm has a long track record of being able to provide sound legal representation in all types of estate planning cases. We listen to our clients and work hard to help them achieve their ultimate objectives. We will be the unwavering advocate you need.