Frequently Asked Questions about Estate Planning
How is COVID 19 affecting Estate Planning? (updated 2/24/2021 )
Much of our interaction can be accomplished via Zoom, email, and phone calls. The only meeting that will require in-person coordination is the meeting where documents are signed due to the requirements of witnesses and a notary. This may be accomplished at the Bastani Law Office where COVID-19 precautions are in place and all participants wear masks.
What is an estate plan?
An estate plan is set of legal documents that designates who will make decisions for you if you are incapacitated, who will take care of minor children and how your assets will be managed and distributed after your death. This typically includes a will or trust, financial and medical durable powers of attorney, a living will, a HIPAA release, burial instructions and guardianship documents.
What happens if I don’t have a will?
If a person dies without a will, he or she is said to have died “intestate.” When this happens, Colorado law essentially writes the person’s will for them through a set of statutes that dictate who is entitled to what, who has priority to be the personal representative, and other terms and procedures related to estate administration.
Administering an intestate estate can be complicated and may require significant court involvement. It is generally more expensive than filing a probate action with a will, and does not provide the possible protections for the heirs as a testamentary trust can for the beneficiaries.
Should I use online forms to create my estate plan?
Each state has its own set of rules regarding what constitutes a will and how it should be properly executed. If one of these requirements is missing, the entire will could be invalid. The implications of that can be serious. Not only do you risk leaving your family with a financial and emotional mess, but your legacy could be eaten away by legal bills or unnecessary tax.
Additionally, titling of assets is an often-overlooked but very important aspect of estate planning. Even a will cannot protect against incorrectly titled assets.
Working with an attorney can help you address these issues, avoid emotional stress, and mean the difference between a smooth probate experience and lengthy and expensive litigation.
Much of our interaction can be accomplished via Zoom, email, and phone calls. The only meeting that will require in-person coordination is the meeting where documents are signed due to the requirements of witnesses and a notary. This may be accomplished at the Bastani Law Office where COVID-19 precautions are in place and all participants wear masks.
What is an estate plan?
An estate plan is set of legal documents that designates who will make decisions for you if you are incapacitated, who will take care of minor children and how your assets will be managed and distributed after your death. This typically includes a will or trust, financial and medical durable powers of attorney, a living will, a HIPAA release, burial instructions and guardianship documents.
What happens if I don’t have a will?
If a person dies without a will, he or she is said to have died “intestate.” When this happens, Colorado law essentially writes the person’s will for them through a set of statutes that dictate who is entitled to what, who has priority to be the personal representative, and other terms and procedures related to estate administration.
Administering an intestate estate can be complicated and may require significant court involvement. It is generally more expensive than filing a probate action with a will, and does not provide the possible protections for the heirs as a testamentary trust can for the beneficiaries.
Should I use online forms to create my estate plan?
Each state has its own set of rules regarding what constitutes a will and how it should be properly executed. If one of these requirements is missing, the entire will could be invalid. The implications of that can be serious. Not only do you risk leaving your family with a financial and emotional mess, but your legacy could be eaten away by legal bills or unnecessary tax.
Additionally, titling of assets is an often-overlooked but very important aspect of estate planning. Even a will cannot protect against incorrectly titled assets.
Working with an attorney can help you address these issues, avoid emotional stress, and mean the difference between a smooth probate experience and lengthy and expensive litigation.
