For many people, discussing end-of-life costs can be uncomfortable and emotionally daunting. However, despite the discomfort, it may elicit, having a secure and legally sound plan can provide individuals and their families with peace and security. Colorado estate planning attorneys can provide families prepare for the costs associated with dying.
There are many steps that individuals can take to ensure that their wishes are known and properly executed when the time comes. An attorney can assist people with creating and modifying wills and other estate documents to address any concerns and head off any potential issues. Many of the issues involve paying for probate proceedings, bank transfers, and funeral costs. Further, after a loved one’s death, there are many institutions and agencies that must be notified. For instance, families should contact an attorney to discuss how to address loose ends regarding insurance proceeds, Social Security, retirement accounts, car loans, mortgages, and credit card debt.
After one dies, a probate court works to validate their will and confirm the appointment of the deceased’s requested executor. The court can work with the parties’ attorneys to identify assets and liabilities and address any tax issues. Further, specific accounts, such as those held as joint tenants with the right of survivorship, may avoid probate proceedings. However, banking institutions may require substantiating documentation. In other situations retitling, accounts and assets may be more challenging and have specific tax implications.
One of the most complicated death-related expenses involves funeral expenses. Issues often arise regarding who is legally responsible for burial and funeral costs. In some cases, the deceased’s estate pays for these arrangements. However, in cases where the estate does not have any assets, the expenses may fall on the estate administrator.
Funeral and burial costs can range to upwards of $10,000, and these high costs can lead to conflicts amongst close friends and family. An attorney can help individuals plan ahead and prepare for funeral and burial costs. Some options are pre-paying costs, low-cost options, and assistance programs. It is important to note that the only person responsible for paying for a funeral is the individual who signs a contract for services. This means that children, spouses, and even life insurance beneficiaries do not maintain an obligation to pay for funeral or burial expenses.
Contact the Colorado Estate Planning Attorneys at Braverman Law Group
The Boulder estate planning lawyers at the Braverman Law Group can help individuals and their loved ones address their estate-related issues. Our office provides clients with advice and representation regarding Colorado estate plans, asset protection, special needs trusts, trust administration, gun trusts, and probate. The experienced lawyers on our team consistently provide clients with the tools necessary to make informed decisions regarding their estate plans. We ensure that our clients have the opportunity to express their wishes and address their concerns in a respectful and compassionate environment. Our attorneys possess the resources, skills, and experience necessary to put your mind at ease during the process and for many years to come. Contact our office at 303-800-1588 to schedule a free initial consultation with a Colorado estate planning attorney on our team.