Estate planning is very important. It provides certainty for you and your loved ones about what happens when you pass away. This is especially critical for parents with little ones. A well thought out estate plan can ensure that your loved ones are not left in confusion when you leave.
Wills and Trusts - Although wills are very dominant in estate planning, estate planning consists of more than just a will. Many estate plans include trusts. Trusts can provide continuity for your loved ones and it can provide some asset protection.
With wills and trusts you can plan on who receives (or doesn't receive) your property. Wills can also be set up so that they create a trust when certain conditions exist upon your death, such as having minor children. You can also make your wishes known as to who should be the guardian for your children if you pass away when they are minors.
Other documents include the following:
Power of attorney for property - It allows others to made decisions about your property, including your real property and bank accounts. It comes into effect immediately.
Durable medical power of attorney - It allows others to communicate with medical offices and make medical decisions on your behalf. It only comes into effect if you are incapacitated.
Living Will - It allows you to make decisions about continuing artificial hydration and nutrition if two physicians agree in writing that you have a terminal illness with no hope of recovery and are in a vegetative state.
Last Remains Declaration - Allows you to make your wishes known regarding what happens to your remains upon your death. Do you want to have a traditional casket burial? There is great value in traditional burials. Or do you prefer cremation? It is cheaper and uses less resources. Or do you prefer the new liquid cremation (alkaline hydrolysis) technique? Recently made legal in Colorado.
What type of ceremony? And who handles the ceremony? All these questions can be answered with a last remains declaration.
Contact Harmony Law today to start your estate plan. Harmony Law offers flat rate pricing on most estate plans, and competitive pricing on complex estate planning. You can reach Harmony Law through our website. You may also contact Harmony Law by telephone at 970-488-1857.
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