Given the recent spread of the Coronavirus, Governor Polis issued a stay-at-home order that will prevent hundreds of thousands – if not more – Colorado employees from going to work. Experts explain that during this difficult time, it is important to focus on the long-term and not get bogged down in the day-to-day news cycles that tend to bring us all down. Staying productive is a great way to take your mind off the fear and stresses caused by the pandemic and stay-at-home restrictions. For many who do not have a Colorado estate plan, or have not updated their estate plan recently, this is a perfect time to do so.
For those who are new to estate planning, the first place to start is typically a will. A will is a legal document that explains what the drafter wants to be done with their property once they pass on. When someone dies without a will, their assets are distributed according to the Colorado intestate laws. The interstate laws are designed to be a fail-stop if someone does not have a will, and provides a method for the courts to distribute a person’s assets after their death. These rules are inflexible, and may not comport with how you want your assets distributed upon your death. By drafting a will, you can ensure that your property is distributed according to your wishes, and not based on a pre-determined formula.
Trusts are another tool in a Colorado estate planning lawyer’s toolbox. The term trust refers to a legal relationship, typically between three parties. A settlor sets up a trust and transfers property into the trust for the benefit of the beneficiary. The trustee is the person who oversees the trust assets. Trusts vary in type, and can be used for many different purposes. For example, some families use trusts to avoid estate tax or reduce the amount of assets that are subject to probate. Other families use special needs trusts to ensure the continued care of a family member who lives with a disability.
While not everything can be completed at home, there is a significant amount of legwork that can be done towards creating an estate plan from the comfort and safety of your own home. Perhaps the best use of time is to arrange with a phone or video consultation with a Colorado estate planning attorney. Here at Braverman Law Group, we are continuing to serve clients during the COVID-19 crisis in any way possible.
Contact a Colorado Estate Planning Lawyer Today
If you want to create or revise your estate plan while you are subject to the stay-at-home order, contact Braverman Law Group today. While we have limited in-person traffic in our office, our attorneys and support professionals are working at home to ensure our clients are taken care of during this challenging time. As experienced Colorado estate planning lawyers, we possess the knowledge, skill, and dedication necessary to help you with all your estate planning needs. Call 303-800-1588 to schedule a free consultation with an attorney today.