Lakewood Estate Planning Lawyer

Estate Planning Attorney in Lakewood, CO

For residents of Lakewood, Colorado, it’s important to have a solid estate plan in place. Ensuring that your family is protected after your passing is important for your family’s stability. An estate plan can provide security and comfort during an emotionally tumultuous time. At Pearson & Paris, P.C., our Lakewood estate planning lawyer is here to help.

In addition for planning for the future, for some folks in Lakewood, certain life changes may warrant the need to update an already existing estate plan, and an attorney from Pearson & Paris, P.C. can also assist with this. There are unique estate planning requirements when going through a divorce, dissolution proceeding or legal separation, or even if a new child is born or a marriage occurs. When major life changes occur, that is the time to consider updating or establishing documents such as trust agreements, wills, powers of attorney, advance life directives, living wills, life insurance beneficiary designations and other legal documents where you want to account for your new family makeup.

Whether you are hoping to create a new estate plan, or make modifications to an existing plan, contact our Lakewood law firm for guidance with your estate planning today.

Key Components of a Lakewood Estate Plan

In 2024, only about 32% of Americans have an estate plan in place. This is a rather staggering number, as estate plans are vital to the security of your finances and your future, along with the stability of your family once you have passed. Additionally, estate planning can help your loved ones avoid probate, minimize your estate’s tax liabilities, and protect your hard-earned assets.

With 17.6% of the population of Lakewood being 65 years of age or older, having an estate plan is crucial. When you create an estate plan in Lakewood, there are various components that should be included. The most common parts of a comprehensive estate plan include:

• Trusts. A trust is a legal arrangement where assets are held and managed by a trustee for the benefit of the beneficiaries of the estate. There are several different kinds of trusts, including special needs trusts, irrevocable trusts, and revocable living trusts. Trusts can help avoid probate, avoid certain forms of tax liabilities, and ensure assets held within the trust are protected for your lifetime and following your death.

• Wills. These legal documents outline how the assets of an individual will be distributed among the individual’s beneficiaries following their death. It can also dictate how the guardianship of any minor children will be handled following your death.
• Durable Power of Attorney. This is a legal document that names an individual to manage all of your legal and financial matters should you become unable to do so due to an incapacitation or disability.
• Business Succession Planning. If you own a business in Lakewood, from a coffee shop downtown to a realty office or insurance firm, having a succession plan for that business in case of your death is highly important to your own peace of mind and the success of your business, even after you are gone. Your estate plan can provide means for the necessary transfer of ownership and the designated management of the company.
• Healthcare Power of Attorney. This is a legal document that names another individual who can make medical decisions on your behalf should you become unable to do so yourself due to incapacitation or disability.
• Advance Directive For Medical/Surgical Treatment (Living Will): If at any time a person’s attending physician and one other physician who has examined the person, certify in writing that: the individual has a terminal condition and is unable to effectively evaluate information or communicate decisions concerning their care, the advance directive addresses life support, nutrition, etc.

Benefits of an Estate Plan in Lakewood

In Lakewood, creating an estate plan can come with several benefits for both you and your loved ones. Benefits can include ensuring your assets are distributed after your death in the way you wish, potentially eliminating a need for probate and minimizing tax liabilities, providing for any minor children that may be left behind in the event of your death, and ensuring your beneficiaries are protected from creditors, divorce settlements, and potential claims.

Experienced Estate Planning In Colorado

Good estate planning boils down to preparation for the future and protection from undesired outcomes. While it involves legal and financial concerns, estate planning helps us to address important human concerns and fears: What will happen to my children if I die unexpectedly? Who will make decisions about my health if I am unable to do so? How will my business and other assets be handled when I am not around?

The lawyers of Pearson & Paris, P.C., work with families, seniors, business owners and others on strategic estate planning designed to increase confidence and reduce the fear of the unknown. We can help you make plans to ensure that your wishes will be honored and that your loved ones are provided for in the future. Our capabilities include:

• Simple wills that specify your wishes
• Appointment of guardians for children or vulnerable family members
• Establishment of trusts for children, including special-needs trusts
• Rewriting of wills for seniors and others when there have been changes in circumstances
• Asset protection planning
• Business succession planning
• Powers of attorney, including health care powers of attorney
• Living wills and health care directives

A Colorado Wills And Trusts Attorney Serving Denver & All of Colorado

We can answer your questions about wills, trusts and other estate planning matters. Contact Pearson & Paris at 303-996-8610 to speak to an experienced Lakewood estate planning attorney.