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.