I do this sort of work on a regular basis and would be happy to help you with your estate planning needs. We usually get together in my office (but I’m happy to do it through ZOOM) for an initial meeting. At that first meeting, I gather your initial information and answer any questions that you might have regarding the documents or the probate process here in Colorado. I then prepare the documents and send you drafts for you to review. Once you’re happy with your documents, we would need to get together to finalize/sign the documents. This final meeting usually takes approximately 30 minutes depending on any final questions that you might have and you will leave with your original signed documents.
I typically prepare estate plans for a flat fee.
Following is a description of the documents included in a typical estate plan.
FINANCIAL POWER OF ATTORNEY
A financial power of attorney is a legal document that gives an agent the authority to carry on a person’s financial affairs and protect their property by acting on their behalf. This document gives the agent the ability to pay bills, write checks, make deposits, sell or purchase assets or sign any tax returns.
Any competent adult can serve as your agent. However, it should also be someone you trust to be honest, use common sense and be dependable. Choose someone who is relatively nearby to manage the practical aspects of helping you with your finances. You should also choose a back-up agent in case your primary agent is unavailable.
Without a financial power of attorney, there is no person with the ability to act on your behalf. Family members may be required to request the probate court appoint a guardian to have these powers. The court process can be time-consuming and expensive, especially during these turbulent times.
HEALTHCARE POWER OF ATTORNEY
Similar to a financial power of attorney, a health care power of attorney is a legal document that gives an agent the authority to make health care decisions on your behalf if you are incompetent or incapacitated. If you’re over the age of 18 and don’t have a healthcare power of attorney, your family members will likely have to request that the probate court appoint a guardian to obtain these powers.
LIVING WILL
A living will, also known as an advance health care directive, allows you to specify what end-of-life treatment you do or do not want to receive if you become terminally ill or permanently unconscious and won’t survive without the administration of life support.
Without a living will, the decision to remove life support is left in the hands of your health care agent or family members. This can be a very emotional decision for family members. By creating a living will, you set forth your wishes and take that decision out of your family member’s hands.
WILL
A last will and testament is a legal document that allows you to direct distribution of your property at the time of your death. A will also allows you to appoint a personal representative, who oversees the distribution of your assets.
Everyone has assets that must transfer after a person’s death. Without a will, there is no direction as to how those assets will pass. If you don’t have a will in place, distribution of your assets will be according to statute and the court will need to decide on the best person to oversee the administration of your estate.
If you have young children, a will also allows you to appoint a guardian to take care of them and a trustee to take care of your assets and manage them for your children until they are old enough to manage the funds themselves. If you don’t have a will, a court will decide who is the best person to fulfill these roles.