Access to terrain suitable for extreme sports, such as snowboarding, skiing, mountain biking, and other high-risk sports, are part of the reason people move to places like Colorado. For many, these sports become a part of a person’s lifestyle and can come to define their life. Unfortunately, these sports can also end life when things go wrong. For this reason, it’s important to have your estate in order if you enjoy participating in these sports.
Although we don’t like to think about death, especially when hurtling down a mountainside, an attorney familiar with estate planning will be able to walk you through the details. To get you started, let’s take at some of the essential elements of estate planning.
Estate Planning Essentials
Estate planning is an entire subset of law, with attorneys who specialize in this type of law. It’s complicated and multifaceted, which is why people hire professionals for this sort of work, but there are some basic elements that everyone should understand.
Wills
A will, or a testament, is a legally binding document that describes your wishes for after you die, including who will care for your children and who you will give your assets to. It can be considered a high-level document for managing your estate after your death.
It is possible to prepare a will yourself, and it will be legally binding, provided you have included the necessary options. It is recommended to have the will reviewed by an estate attorney if you write the will yourself to make sure nothing was missed and that it will stand up to legal challenges.
A will has several benefits, including naming who receives your assets and specifically excluding anyone you don’t want to pass on assets to.
Trust
A trust can come in several forms, and while often associated with wealthy people, a trust can have benefits for people with moderate incomes, as well. They are useful for ensuring assets are distributed as intended and also providing legal protection for your assets.
Trusts also serve as a tax tool, as they can help in avoiding some types of taxes. Estate planning attorneys can advise on whether or not a trust is right for you.
Powers of Attorney
Power of attorney is a legal document that gives one person the authority to act on behalf of another person. They are useful in situations of illness or disability, or when a person is unavailable to sign legal documents.
Schedule a consultation today to discuss your estate planning needs.
