In today’s crazy world, people are often caught up in the rush of daily life. From getting the bills paid to getting your child to school on time, there doesn’t seem to be enough time in the day to get everything done. One major task that should be done is that of preparing your will in the event of your passing. Oftentimes, people neglect this activity, putting it off until something major happens or until it is tragically too late. As your go-to law firm in Greeley, we are here to help! The Peek Law Firm is composed of the best lawyers for any of your family, criminal, or estate planning legal needs. Our estate planning attorneys are here to assist with your plans involving your property after passing. Today, we’ll look at a few of the many benefits one can gain from proactively writing their will. For any property needs, our estate lawyers are standing by to offer assistance!
Peace of Mind
The first and most obvious benefit of creating your living will is the comfort of knowing that everything will be taken care of when you die. Nobody plans on passing away, equating to a common issue in society where a loved one perishes and the family is left to figure everything out. You can enjoy peace of mind with the knowledge that all aspects of your estate are taken care of, from funeral plans to inheritance taxes. While Coloradans do not face an actual inheritance tax, there are other taxes that can greatly diminish the value of your estate. Estate and estate income taxes are two factors that can be negated with proper estate planning.
Avoiding Intestacy Laws
When someone passes away without an official will, that person is known to have died intestate. This area of law consists of state guidelines for how to divvy up property and possessions after the person has passed. While intestacy laws are far better than no laws at all, they tend to be cold and calculating. The inheritance will be taken by the spouse, and if there is no spouse, a complex system is used to determine who gets what percentage. If there are no surviving children, the birth parents of the deceased have a right to inheritance. If nobody is available to lay claim to the intestate estate, it is then given to the state. Critics often point to these laws as rigid and inhuman, where some scenarios include relatives being given nothing while less responsible parties are handed all or most of the inheritance. Our attorneys can help to make sure that this doesn’t befall your estate!
Guardianship and Executorship
Parents with minor children should be especially mindful of their estate planning. Appointing a guardian to take care of your children is a top priority. Being able to name the new guardians will help to avoid legal issues and keep the kids protected in a closed, private environment. Another benefit of writing your will is having the ability to choose an executor, or person who will carry out all of the necessary steps following your death. If you die intestate, the state of Colorado will choose an executor for you. It’s important to pick a reliable person to carry out your last wishes, from funeral plans to inheritance observation.
While most people do not want to come to terms with their own mortality, proper estate planning can pay off in case something unfortunate happens. Peek Law Firm is here to help you with every aspect of your estate. Our lawyers specialize in a wide range of services and are ready to offer experienced advice and representation. If you’re looking for a law firm in the Greeley area, you’ve come to the right place. Contact us to learn more about the importance of writing a will or to set up an appointment today!