Estate Planning

What should I expect if I choose to do Estate Planning with Liska & Smith, PC?

It is common for clients to call the office and say they “just need a basic will” or that they “don’t really have anything ” so their will should be “simple”. One of the greatest benefits of putting estate planning documents in place is making processes and asset management easier for family members by memorializing wishes, in writing. Part of the process involves education regarding how assets pass and what documents properly memorialize wishes. However, another important part is making decisions and organizing in a way that allows intent to be enforceable and followed. Even if the documents do end up being simple, making sure they are in accord with client wishes requires the attorney to have a consultation with the client to explain how the documents work, how assets pass to survivors, and to get a good understanding of client wishes and family circumstances. Doing that thoroughly and efficiently requires your participation.

How do I get started?

If you choose to schedule with an attorney in our firm, we will ask you to fill in a questionnaire to help organize information for the initial consultation. The more thorough clients are in filling the questionnaire, the more efficient and specific the attorney can be during your consultation. Once the consultation is complete, the attorney will prepare draft documents, provide those documents to the client for review by the client, consult with the client about changes and questions regarding the drafts, and ultimately, assist the client to sign the documents in our office.

What documents should I consider in my estate plan?

Will: A Will is a document that designates your Personal Representative, which is sometimes called an executor. The Will can also define what should be done with your assets after you pass. This might also include giving your assets to individuals, charitable entities, or to a Trust. Typically you do one will for each individual.

Trust: There are several purposes for having a trust. One common purpose is to allow the Settlor, or the creator of the trust, to put rules in place regarding how the assets of the trust will be spent after the Settlor dies or is alive but incapacitated. The trust document names a Trustee, which is the entity or individual responsible for enforcing the rules written in the trust document. Sometimes clients create trusts for tax planning or because they own real estate in multiple states. Not everyone in Colorado needs a trust. The attorney will talk to you about your goals and circumstances and help you determine whether a trust is necessary to effectuate your wishes.

Financial Power of Attorney: This document is created to name someone to manage financial assets in the event that the maker of the power of attorney is alive but unable to manage financial assets or decisions independently. Financial powers of attorney generally die with their maker. This document is separate from the Will. The Principal is the maker of the power of attorney document. The Agent under the power of attorney is the person named to manage finances for the Principal while the Principal is alive. When choosing an Agent to name in a financial power of Attorney, consider that this person needs to be someone trusted to manage financial accounts, pay bills, and make general decisions about the financial management of the principal.

Medical Power of Attorney: This document is created to name someone to manage medical decision making in the event that the maker of the power of attorney is alive but unable to make medical decisions independently. This document is separate from the Will. The Principal is the maker of the power of attorney document. The Agent under the power of attorney is the person named to make medical decisions for the Principal while the Principal is alive. When choosing and agent for a medical power of attorney, think about who is in the best position to understand and to honor your wishes regarding medical decision making.

Advance Directive: This document is sometimes called a “Living Will.” This document memorializes wishes for medical care in the event that the maker of the document has a “terminal condition” or is in a “persistent vegetative state.”

Declaration of Disposition of Last Remains: This document memorializes your wishes regarding final remains.