Estate Planning

At Ross Law Colorado, estate planning is a top priority. We believe that a family should focus on grieving when they lose a loved one, not on complicated legal systems and processes. At Ross Law Colorado, we understand the complexities of estate planning and are committed to providing comprehensive and personalized legal services to meet your unique needs.

1.) Inventory of Assets: Make a list of all your assets: real estate, investments, retirement accounts, insurance policies, personal belongings, and business interests.

2.) Will: A will is a legal document specifying how you would want your assets dispersed in the event of your death. It also allows you to name an executor or personal representative who is to carry out the distribution and possibly nominate guardians for minor children.

3.) Trusts: Trusts are arrangements under which a trustee manages assets for beneficiaries in accordance with your directions. Trusts can be used to avoid probate, provide for the ongoing management of assets, and have tax planning advantages.

4.) Beneficiary Designations: Certain assets, such as retirement accounts life insurance policies, and some bank accounts, allow you to designate beneficiaries who receive the assets directly upon your death, bypassing the probate process.

5.) Power of Attorney: It is the legal document that provides someone of your choice the power to take charge of your finances or health if you ever become too sick or incapacitated to do so yourself.

6.) Healthcare Directives: A living will/advance directive outlines your desires for medical treatment or other end-of-life care in-case you are unable to communicate those wishes.

7.) Guardianship Designations: If you have minor children, this includes naming guardians who would take care of them in case both parents pass away prematurely.

8.) Tax Planning: Strategies to reduce estate, inheritance, and other potential taxes that may affect distribution under your will.

9.) Charitable Giving: In case you wish to leave a portion of your estate for a charitable purpose, estate planning will help ensure that such donations are made efficiently and according to your wishes.

10.) Regular Review and Updates: Estate planning is not something that a person does once and then forgets about. Periodic review and updating are essential after such major events as marriage, divorce, the birth of children or grandchildren, significant changes in assets, or changes in the laws that affect estates and taxes.

11.) Professional Consultation: Quite often, estate planning involves complex legal and financial considerations. Consultation with an attorney who focuses on estate planning, a financial advisor, and likely a tax advisor can make sure that your plan is complete and tailored to your particular circumstances and goals.