To most people, Estate Planning sounds like a fancy business for the wealthy. On the contrary, there is a very important need for estate planning, whether you are 25 years old or you are 55 years old, it is very important to have your estate planned. Most people would argue that they probably don’t have an estate they need planning. Truth be told, they could not be more wrong than that. Almost everyone has an estate. Insurance, car, house savings and any other form of investments are forms of Estates and it is very important to plan your estate to ensure that your loved ones – family and friends are financially taken care of when the inevitable happens – Death.
With that said, we have to acknowledge the fact that estate planning is a complex process one that you cannot do alone. It is imperative you get a good attorney to help you in the planning process and help you organize your estate planning properly not to mention, to help you through the legal process required in every state. However, if you are still reluctant about getting an attorney to help you out in the estate planning process, and more specifically an estate planning attorney, read on below to find out the areas where getting an attorney would be best applicable or whether other alternatives are available.
Who needs a Denver estate planning lawyer?
Estate planning is not a one-time process that never wants to be done again; this is a process that needs to be reviewed on a regular basis as your estate changes and when your wishes change too. Though you could initially plan your estate, there are legal matters that only a good estate planning attorney could be of help. Though there is no specific time frame, it is always best to review your estate plan every 3 to 5 years to make the necessary changes. Other than that, it is important to acknowledge that if any of the following events happen, it is paramount you review your estate plan immediately:
Reaching retirement age – this is mainly because your entire portfolio asset may change
Significant change in assets – if there are small changes regarding estate planning, they could be handled through an existing plan just by yourself, however; major life changes would require a good attorney to advise on what should be done and what would be best for you.
Moving to another state – Every state is governed by different laws and regulations. In the event, you change your state and move to another, the laws that govern trusts, trusts, and power of attorney, and estates are governed by estate laws and may differ from state to state.
Death or Birth – in the case of the death or addition by birth of a beneficiary you would want to be included or removed out of the will, it is important to review your will to update it.
Marriage or Divorce – This depends on affects the beneficiary if you divorce the beneficiary it would be good to review the trust and will immediately.
Why should you not go through estate planning alone?
In today’s time and age it is very easy to find a real estate planning documents online. However, not all the documents you find online might be completely correct. These DIY documents might also miss out some important details that the law requires or worse they may be outdated. This could end up cause your family to spend more time and money to rectify something you could have easily prevented by choosing to forego the help of an estate planning attorney.