How Estate Law Protects Your Loved Ones

by | Mar 6, 2024

In the hustle and bustle of daily life, it’s easy to not think about the importance of contacting a Colorado Springs estate attorney. However, taking the time to establish a comprehensive estate plan is crucial to safeguarding your family’s future. As your local estate law firm, Axis Law Group understands how estate planning plays a vital role in minimizing confusion, conflict, and financial burdens for your loved ones. We believe that estate planning must encompass a variety of documents so that your family can focus on grieving rather than administering your estate.

Comprehensive planning

  1. Wills: At a minimum, an estate plan should include a will. Though wills do not avoid probate, they greatly reduce the stress associated with probate by allowing you to tell the court how you want your property distributed upon your passing. Without a will, the court will dictate to your family where your property should go according to state law. Unfortunately, probate is required to be open for a minimum of six months and can cost your estate thousands of dollars prior to ending.

 

  1. Trusts: If you want an estate plan that provides greater protection from probate, then a revocable living trust is likely your best option. This type of trust completely avoids probate proceedings. This means that upon your passing, your assets are distributed as you desire without invasive state involvement. Additionally, the time and money required by probate is sidestepped for a smooth transition for your loved ones.

 

  1. Guardianship: When we draft a will or a trust, we always make sure to address the important issue of guardianship. This empowers you to decide who you want taking care of your child in the event that you pass or become incapacitated while your child is a minor. Though a guardianship hearing is not avoided, this does avoid the court appointing a relative that looks good on paper, but who has completely different values than you in reality.

 

  1. Powers of Attorney: Crucial to estate plans are powers of attorney. These documents come into play if you ever become incapacitated by a stroke or become diagnosed with dementia, among other things. While incapacitated, the court would require you to undergo an adult guardianship and conservatorship hearing. In these hearings, a person will be appointed to make medical or financial decisions for you. Not only is there a risk as to who the court appoints, the combined proceeding can cost your estate tens of thousands of dollars. To avoid placing this stress on your family, Axis Law Group provides clients with a financial and medical power of attorney. This gives you the power to decide who should make your financial and medical decisions.

 

  1. Living Will / Advanced Directive: Do you want to burden your loved ones with deciding how long you should be on a breathing tube, feeding tube, or IV? If not, then an advanced directive needs to be in your estate plan. An advanced directive states that if two doctors find you to be in a persistent vegetative state and to sustain your life the above-mentioned treatments are required, then you wish for the metaphorical and physical plug to be pulled after a specific amount of days.

 

  1. HIPAA Release: Imagine trying to get medical information from a doctor about a significant other, only to be told that the hospital can’t release any information to you. To avoid this situation for your family and any important decisionmakers (medical power of attorney), Axis Law Group provides you with a HIPAA Release form that will make the gathering of information in emergency situations far easier for your family. By placing family members’ name on this document, you are giving medical professionals permission to release important health information to them so that your family can prepare and help make the right decision for you.

Contact us today

Remember, estate planning is not only about you ­– it’s also about protecting the ones you love. Incorporating these elements into your estate plan not only safeguards your assets and wellbeing but also provides peace of mind knowing that your family’s future is secure. Ready to protect your family’s future? Contact us to schedule a free consultation and start the estate planning process today.