Estate planning is for everyone. Whether you have a modest or large estate, it is essential to have a reliable estate plan in place. The common misconception that estate planning is only meant or reserved for the wealthy is an outdated notion. Today, an estate plan can benefit any individual or family, no matter the size of their estate or number of assets. At the Klein Law, Firm, P.C. in Denver, CO, our estate planning attorney has assisted clients from various backgrounds. We are committed to making sure that every client establishes an estate plan that is right for their needs and circumstances.

The truth is that if you are aging, own property, and/or have loved ones, you should consider having an estate plan. An estate plan can safeguard your assets, loved ones, and yourself, no matter your income level or tax bracket. As we age, there are certain directives that should be established. No one knows the future. Unfortunately, if a life event leaves a person incapacitated, they will need someone else to help make decisions on their behalf. It is not a requirement to be wealthy to have a health care directive and power of attorney in an estate plan as a precaution. Nor do you need to be wealthy to ensure that your children and family members are protected from legal battles, high taxes, loss of assets, and disputes. An estate plan can avoid the obstacles and issues that can arise after you are gone. If you are considering an estate plan, do not hesitate to contact an estate planning attorney. A thorough and proper estate plan can eliminate problems and ensure a seamless transference of property and assets.

Both wills and trusts are essential in estate planning. They are useful tools that enact the wishes and needs of their owner or creator. However, even though many consider wills and trusts to be the same, they are not. They each serve a different purpose. Nonetheless, a will and trust can work together to form a comprehensive estate plan.

One primary difference between a will and trust is that a will takes effect soon after a person passes away. A trust, on the other hand, takes effect immediately after it has been created. A will indicates the people who will receive certain assets or property after the owner passes. Usually, a will lists smaller items of property, such as jewelry, furniture, artwork, collectibles, etc. If you have children, a will can also name the guardian you wish to appoint to take care of your children. A will also requires probate to legally transfer all assets and property named in the will to the designated beneficiaries. As such, a guarantor will be named in a will to help with the transference process.

Trusts do not require probate. You can list your home and other higher-value items or assets under a trust. It is worth mentioning that there are various types of trusts. As a result, it is highly recommended to consult with a wills and estate planning lawyer about implementing a will and trust in your estate plan. A wills and estate planning lawyer can advise on the types of trusts that should be included in your estate plan.

Here at the Klein Law Firm, P.C., we’ll treat you like family from our office in Denver, Colorado.

To find out more about estate planning or for a free consultation with an estate planning expert, please contact or call us today.