The Importance of an Estate Plan
To understand estate planning you have to understand what an estate is. Your estate is simply the collection of everything you own, or your assets. Your house (or any property for that matter), bank accounts, stocks & securities, life insurance policies, retirement accounts, cars, art, jewelry, furniture, clothes, heirlooms, etc. are all potential assets in your estate. And while you are alive and sound, it’s easy enough to understand that you are capable of administering the affairs your own estate. But what happens if you become incapacitated or die? Who’s in control of you and your estate then? Without an estate plan, shockingly the answer is the state of Colorado. In the event that you become mentally or physically incapacitated, the court will decide how your assets are used for your care. They will appoint a conservator – of their choice, not yours – to manage your assets on your behalf. And when you die, any assets held in your name (and without a beneficiary designation) will be distributed by the court through a probate proceeding. In this case, the court will appoint a personal representative – again, of their choice, not yours – to distribute your assets. And here’s the really bad news… Those assets will be distributed, not according to your wishes and desires, but according to the state of Colorado’s intestacy law! However, having an estate plan can change all of that. In the event that you become incapacitated, you can appoint medical and financial powers of attorney – of your choosing – to carry out affairs on your behalf. You can appoint guardians - of your choosing - to care for minors and/or pets. And in some cases, when you die, your estate can avoid probate altogether. With that being said, it’s important to understand an estate plan is an entire collection of legal documents and not just a will. Having a will does help. But it won’t bypass probate, it won’t apply everything you own, and it doesn’t apply when you are in a state of incapacity. When it comes to estate planning, having a comprehensive plan in place is the only guaranteed way to ensure your wishes and desires will be carried out. And, everyone and every situation is unique. What you own, how you own it, your family dynamics, and your ultimate goals are all important factors in creating a plan that is right for you and your family. If you are interested in learning more about estate planning and want to learn it from an attorney, consider joining us on January 23 at the East Library for a free seminar. Click here for more information and to register.
Just Listed - 1730 Sawyer Way, Colorado Springs, CO 80915
Welcome Home to Northglen Park centrally located in Colorado Springs. You’ll find yourself falling in love with this tri-level home from the moment you walk in the front door and see the spacious living room with a large front window and gorgeous wood floors, and the bright dining room with yet another large window looking out into your large back yard. The kitchen has lots of character with retro cabinets, space for a breakfast table, and a brand-new counter stove. Upstairs you find 2 bedrooms and a primary bedroom with an attached private bathroom. Relax, rejuvenate, and de-stress in the full bathroom upstairs. During our cool Colorado evenings, snuggle up with a good book and a mug of your favorite hot chocolate in front of the fire in the lower-level family room. On this level you’ll find a fourth bedroom, another spacious and bright bathroom, and laundry space, along with access to the backyard. Speaking of backyards, WOW, lots of space for entertaining, playing, or gardening. The back fence has access to Rock Island trail, and incredible view of the bluffs behind your house. Upgrades to this home include new electrical box, new carpeting, new stove, new paint, updated bathrooms, and French drainage system and back door stairs. This house is located with easy access to both Academy and Powers, making schools, shopping, and your commute to work easy. Peterson Space Force Base is approximately 5 miles. Colorado Springs is an expanding city with a small-town feel, come be a part of it. Click here for additional listing details!
Open House - 1730 Sawyer Way, Colorado Springs, CO 80915
TEAL Pro Team is hosting an open house and you’re invited! 1730 Sawyer way has 4 bedrooms, 3 bathrooms, a 1 car garage and 1612 square feet. We’ll be there this Saturday (February 5th, 2022) from 10am-1pm. Stop by and say Hi!
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