Estate Planning in Denver CO
Wills and Trusts Developed and Executed by Estate Planning Attorneys
Through expert estate planning, Baker Law Group ensures the proper management and distribution of your estate. We make sure that our client’s hard-earned money of our clients is distributed to their loved ones at the time of death instead of being subject to unnecessary taxation and mismanagement. Allow us to meet your needs by incorporating our legal background of Wills and Trusts to protect your family’s assets in the years to come.
Baker Law Group estate planning attorneys provide:
- Wills/legal advice
- Trusts/legal advice
- Proper management of estate
- Distribution of estate
- Reduce tax consequences
- Protection of family assets
- Probate Administration
Creating and Managing a Will
Our estate planning attorneys are readily available to help determine the legal facets of a standard will, the distribution of assets, as well as drafting a living will and overseeing legal action associated with enacted living wills. In the U.S., the will process is relatively similar throughout the nation; however, there are significant legal discrepancies between the states when it comes to laws governing wills. Because of this, and because such laws are changing constantly, it is recommended that if you are interested in creating a will, you hire an estate planning attorney like the expert lawyers at Baker Law Group.
Understanding various types of wills:
- Standard wills – A standard and traditional will only becomes active upon the death of the testator. A standard will bequeaths possessions and assets of the estate pursuant to the decedent’s wishes and requests in his or her will.
- Living will – A Living will, also known as an advance health care directive, physician’s directive, or advance directive, applies when the testator, the person to whom the will belongs, becomes incapacitated or legally unable to make health care decisions for themselves. The living will allows the testator to make known his or her wishes regarding life-prolonging medical treatments. This legal document should not be confused with a living trust, which is used for holding title and distributing a person’s assets during live and after death and to perhaps to avoid probate. A living will informs your health care providers and your family of your desires for medical treatment in the event you are unable to express your own wishes at that time.
Trust Attorneys in Denver
Trust funds aren’t just for the wealthy. It can be a wonderful tool for moving assets to family members or charities, providing for family members with special needs or who are financially irresponsible, and for providing for the educational expenses of progeny. A trust is also useful in avoiding high estate taxes and probate fees, and for preventing the mishandling of assets.
A trust is a legal contract where the “trustee(s)” has control over assets, money, stocks and/or property. The creator of this trust is typically called a “settlor,” “donor,”or “grantor” and creates the trust for a “beneficiary(ies).” Our trust fund lawyers will explain the various types of trusts and will help you determine the best method to execute your financial intentions.
You may want to contact our trust fund attorneys to create a trust if:
- You cannot manage your own assets
- You want to avoid probate
- Someone, often a child or disabled family member, is incapable of managing wealth and assets
- You want to transfer assets quickly after death
- You want to lower estate taxes
- A disabled family member has been awarded monies and you want to avoid the loss of government benefits
- You want to provide for your progeny’s future educational needs
Power of Attorney
Durable Power of Attorney
- Power of attorney gives written authority to another person to make decisions and act on behalf of the principal in business, legal and private matters. A durable power of attorney is a document that remains valid even if the principal becomes incapacitated, disabled, or suffers illness.
Medical Durable Power of Attorney
- Generally, a Medical Durable Power of Attorney allows you to appoint a person as your agent to make decisions for you regarding medical and personal decisions.
Preparing a Power of Attorney
- Any adult, over the age of 18, can execute a power of attorney form.
Revoking Power of Attorney
- When creating a power of attorney, the principal does not give up his or her rights and a power of attorney can be revoked at any time. Once the principal dies, a power of attorney is no longer valid.
- Also referred to as an advance directive, a living will is a document that details a person’s wishes regarding medical treatment in life prolonging situations.
For a no obligation estate planning consultation with our estate planning attorneys in Denver CO, call (303) 862-4564.