Estate Planning Lawyer - Nick Bjorklund Owner of Birch Grove Legal

A last will and testament allows you to outline how you want your assets to be distributed after your death. This is the most important estate planning document and it’s a good idea to get it drafted by a professional estate planning lawyer in Castle Rock.

You can specify who inherits your property, such as your home, bank accounts, vehicles, family heirlooms, or personal belongings. If you have minor children, you can also name a guardian for them in your will, ensuring that they’re cared for by someone you trust. 

Creating a will is essential for anyone who owns property, has savings, or depends on others for care. Without one, the state steps in and distributes your assets according to its laws regardless of your wishes. For example, if you want a specific friend or charity to inherit an asset, that won’t happen unless it’s spelled out in your will. 

This document becomes useful in situations where you’re unavailable, such as being overseas, or if you become incapacitated due to illness or injury. Without a POA, your loved ones will have to go through a lengthy and costly court process to gain the authority to manage your finances.

There are two main types of Financial Powers of Attorney:

1. General Power of Attorney: Effective immediately and typically used for broad financial purposes. It’s not effective if you become incapacitated. 
2. Durable Power of Attorney: Remains effective even if you become mentally or physically incapacitated. 

You can also customize the POA to specify what powers your agent has and when they take effect. For instance, you might only allow them to manage certain accounts or restrict the document to emergencies.

An advanced healthcare directive outlines your medical preferences in case you can’t speak for yourself. This document helps you manage your most important asset—your health. It ensures that your wishes regarding treatments like resuscitation, ventilators, tube feeding, and pain management are known.

In addition to stating your preferences, the directive lets you appoint a healthcare proxy or medical power of attorney—someone who can make medical decisions for you. 

This document is important for two reasons. First, it frees your loved ones from making difficult decisions in an emotionally charged moment. They won’t have to guess what you would’ve wanted. Second, it ensures that your values and beliefs guide your care. 

A revocable living trust is used to manage your assets during your lifetime and distribute them after your death. Unlike a will, a trust allows your assets to bypass the probate process, which is lengthy, expensive, and public.

You transfer ownership of your assets into the trust while retaining control as the trustee. You can add or remove assets, change the terms, or dissolve the trust entirely while you’re alive. Upon your death or incapacitation, a successor trustee (someone you choose) steps in to manage or distribute the assets according to your instructions.

If you leave everything in a will, the probate process will make the details public. With a trust, however, your family can settle your estate privately.