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The First Steps Of Estate Planning

If you’re considering creating an estate plan for your family’s future, then Ores Law can help. If you’re not sure how an estate plan can assist you, then we’ll address the first question that has popped into your mind. Do you need an estate plan? The answer is yes, you do. Estate planning is essential to ensure that your future is secure and peaceful. You have wishes that you want to make sure are carried to pass. Life is complicated and messy, so it’s essential that you have plans for your future since there are so many unexpected twists and turns. Estate planning isn’t just for older folks either, but people who want to make sure that they are prepared for the future.

How To Take Action Toward Your Future

As an estate planning attorney, we wanted to give you some vital information that will help you know what to do when planning for your future. While it’s not the most pleasant conversation, it’s one that is essential to ensure your family and assets are protected. Even if you’re married and your spouse knows what you want to do when you pass on, it’s vital that you write out a will and have a plan in place because there can be unexpected turns that can occur and there are no guarantees that your wishes will be carried out if they aren’t written down. People who have families, young professionals, same-sex couples, and business owners are all examples of those who should have an estate plan.

Choose An Estate Planning Attorney

The first step in making an estate plan is to choose an attorney who has your best interests in mind. In Find The Right Estate Planning Attorney For You, we went over three factors you should keep in mind when you look for an estate planning attorney. What you need when you hire an efficient lawyer is a person with experience and who has a focus area in estate planning. Just like doctors, it’s important that you hire an estate planning attorney who is knowledgeable in the area. At Ores Law, in both our Denver and Northern Colorado location, we do wills, trusts, and probates.

Take Stock Of Your Assets

The second step toward creating your estate plan is to take stock of your assets. A corollary is the proper terminology to determine the value of your gross estate. This means art collections, cars, houses, timeshares, and everything in between. If you have important assets you want to keep safe, then take stock of the assets you want to pass on to your family or friends. By figuring out your assets, you can know what the value of your gross estate. You should write down everything you own to help with the process.

Figure Out How You Want To Control Your Estate Planning

Once you’ve figured out the value of the gross estate, then you’ll want to control your estate. If you are incapacitated due to an accident and you’re still alive, but not conscious, then you’ll want to have the control over the estate set up. Do you want to give the power to your spouse or to your children? Do you want a close friend to control your assets? By figuring out how you want to control your assets, if something were to happen, you’d be prepared.

If you are interested in creating an estate plan, then contact our estate planning attorneys.