Estate Planning
If you wish to leave behind a meaningful legacy, be it for loved ones or a charitable institution, you need to put a well-thought-out estate plan in place. Without an established plan, the fate of your estate could be determined by the government, lawyers, or people that don’t have your interests and best wishes in mind.
Having an estate plan is paramount in ensuring your estate is handled according to your wishes. Together with your estate planning attorney, our wealth management team can assist in drafting documents and reviewing your situation, so your estate benefits the people and charities you care about most.
What We Can Do For You
- Will education: We can help you understand how to structure your will so your legal team can create a document that reflects how you want your estate disposed of and distributed. From a simple will to a testamentary will, or joint wills and living wills – our team will help you navigate the complexities of this document so you won’t need to stress over specifics.
- Choosing executors: The executors of your estate wield strong powers that determine how your estate is handled upon your passing. We’ll help you understand the importance of choosing an executor(s) for your estate, and what criteria you should consider when appointing someone to discharge this all-important role – especially if minor children/guardians are involved.
- Designating beneficiaries: If you don’t choose beneficiaries for your assets carefully, your estate assets might end up in the hands of individuals that you never intended should benefit from them. A well-thought-out estate plan ensures the needs of your dependents are taken care of.
- Minimizing estate taxes and probate fees: Taxes, fees, and other levies have the potential to erode a large part of your estate before your beneficiaries see a cent. Careful planning can reduce the impact taxes and fees may have.
- Estate protection: Even after you pass, many of your assets – such as long-term investments and property – will likely need protection and management until they are disposed of and their proceeds are distributed to your beneficiaries. In the absence of an estate plan, your assets will likely not receive the type and level of protection those assets require.
- Distribute your legacy: Our professionals can support you in synchronizing your estate plans and your will, so your assets are distributed in line with your final wishes.
Schedule a meeting with us to see what an estate plan can do for you.
Our firm does not provide legal advice or services. Please consult your legal advisor or an estate planning attorney regarding your specific situation.
Estate Planning FAQs
What is estate planning?
Estate planning is the process of organizing your financial, legal, and personal affairs to help ensure your assets are managed and distributed according to your wishes. It often includes wills, trusts, beneficiary designations, powers of attorney, healthcare directives, and strategies for transferring wealth to future generations.
Why is estate planning important?
Estate planning can help provide clarity for family members, address how assets may be distributed, designate decision-makers in the event of incapacity, and support broader financial goals. A comprehensive plan may also help reduce administrative complications and keep important documents organized.
Do I need an estate plan if I am not wealthy?
Yes. Estate planning is not only for high-net-worth individuals. Anyone with assets, dependents, financial accounts, or healthcare preferences may benefit from having a plan that outlines their wishes and identifies trusted individuals to make decisions if needed.
What documents are typically included in an estate plan?
An estate plan often includes a will, durable power of attorney, healthcare directive or living will, beneficiary designations, and, in some cases, one or more trusts. The appropriate documents depend on your goals, family circumstances, and overall financial situation.
What is the difference between a will and a trust?
A will outlines how assets should be distributed after death and may appoint guardians for minor children. A trust is a legal arrangement that can hold and manage assets according to specific instructions. Trusts may provide additional flexibility and control, depending on an individual's objectives and circumstances.
How often should I review my estate plan?
Many professionals recommend reviewing estate planning documents every few years and after major life events such as marriage, divorce, the birth of a child, retirement, relocation, or significant changes in assets. Regular reviews can help ensure documents remain current and aligned with your wishes.
What are beneficiary designations and why do they matter?
Beneficiary designations determine who receives assets from certain accounts, such as retirement plans, life insurance policies, and annuities. Because these designations may supersede instructions in a will, reviewing them periodically is an important part of maintaining an effective estate plan.
Can estate planning help protect my family if something happens to me?
Estate planning can identify who will make financial and healthcare decisions on your behalf if you become incapacitated and can provide guidance regarding the distribution of assets. Having key documents in place may help reduce uncertainty and provide direction during difficult situations.
How does estate planning fit into a financial plan?
Estate planning is often an important component of a broader financial plan. It works alongside retirement planning, investment management, tax planning, insurance analysis, and legacy goals to help create a more coordinated approach to managing wealth and transferring assets.
How can estate planning benefit individuals and families in Grand Junction, CO?
Individuals and families in Grand Junction, CO may use estate planning to help address wealth transfer goals, family considerations, charitable intentions, business succession planning, and long-term financial objectives. An estate plan can be tailored to reflect personal priorities while coordinating with legal, tax, and financial professionals.
