Estate planning is the process of putting into place one’s wishes for managing and dispersing property, assets, or any other belongings, known as the “estate”, upon death. Estate planning also includes one’s final wishes, such as cremation or burial, instructions for care should the one planning become disabled, specifying a guardian for minor children, and any other important details that pertain to one’s life and that of their family.
Estate Planning not only designates beneficiaries or specifies instructions and wishes to be honored, it also minimizes potential legal obstacles that can occur when an estate plan is not available. It can also help to reduce taxes, such as gift or income tax, and be advantageous for the process of probate. Ultimately, an estate plan can save your family time and unnecessary expense in the long run.
The purpose of estate planning is to outline what is expected should you become injured or disabled, or when the inevitable happens. It is intended to offer peace of mind for the one planning and their family. For most of us, it’s easy to overlook the necessity of planning for the future. There are many reasons that estate planning is put on the back burner with the most common being youth, busy lifestyles, or just plain denial. Death is predestined, it’s just a matter of “when”, and since there is no way of knowing exactly when that day will come, having a plan in place is probably the greatest gift you can leave your loved ones, regardless of age or assets.
Ted Bendelow at Bendelow and Wolfson has offered Estate Planning services in Boulder and the Northern Colorado area for over 4 decades. With his extensive knowledge and experience, Ted Bendelow can provide you with sound legal advice and create an estate plan catered to the needs of you and your family. If you live in Boulder or the surrounding areas, call Bendelow and Wolfson to discuss your estate plan today!
