Best Estate Planning Attorneys in Fort Collins

FAQs

• What is the non-emergency contact number for the local police station in Fort Collins, Colorado?

  The non-emergency line of the police in Fort Collins is 970-419-FCPD.

• Where can I get a copy of police reports for incidents related to my case in Fort Collins, Colorado?

  Fort Collins Police Records employees answer requests for reports at (970) 221-6540, option 1. The headquarters are at 2221 S Timberline Rd, Fort Collins, CO 80525.

• What are the differences between wills and trusts in Fort Collins?

  A will in Fort Collins is a legal document that principally dictates how a person's assets will be distributed upon death. A trust is a separate legal entity where a trustor deputizes a trusted person or trustee to take care of the property for the benefit of a third party called a beneficiary. Both are used in estate planning, but the former has to go through probate. The latter can avoid it.

• What disciplines do estate planning attorneys in Fort Collins often engage in besides probate law?

  Estate planning attorneys in Fort Collins often dabble in tax law because the minimization of revenue dues is a huge selling point of the practice. Litigation is used to resolve will contests in court, while alternative dispute resolution is offered for the courtroom-averse. Lawyers in the field are also often disciplined in wealth management and finance.

• What are the reasons to update an estate plan in Fort Collins?

  People in Fort Collins can experience multiple changes over the course of their lives that require frequent changes in wills and estate plans. A person may lose contact with specific family members or completely fall out. Businesses can fail or wildly succeed, drastically changing the value of the decedent's estate.

• Do estate plans in Fort Collins only prepare families for death?

  No, the planning of estates in Fort Collins extends to any possibility that a person will lose the ability to act with legal effect. This includes a permanent or temporary disability that hinders one's mental faculties and ability to express intent. Business succession is also within the ambit of these strategies.

• Does estate planning in Fort Collins only cover big assets like homes and lots?

  No, estate planning in Fort Collins goes beyond big assets like homes and lots. It extends to personal properties like cars and small electronics. Everything a person owns is covered, including rare vintage electronics, luxury goods like designer watches and jewelry, and collectible automobiles. The value also can be sentimental instead of monetary, like with a childhood toy.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.