Edwards Estate Planning Lawyers

Vail Valley attorneys help clients accomplish their objectives

Developing a comprehensive, enforceable estate plan is a serious, long-term endeavor. It demands a knowledgeable professional who has a thorough understanding of the law and keen insight gained from experience. At Heckman & O’Connor P.C. in Edwards, we are the oldest firm in the Vail Valley and are committed to helping residents throughout the area protect their family’s future. Our Colorado attorneys assist with the preparation of wills, trusts and powers of attorney, as well as providing skillful guidance through the probate process. 

What is estate planning?

Estate planning managing and preserving your assets during your lifetime making provisions for their transfer to named beneficiaries upon your death or other contingencies. The various legal instruments used in estate planning offer control over your financial and medical concerns if you should become incapacitated. They also help with minimizing tax burdens and ensuring your loved ones are taken care of.

Who needs estate planning and why

Unfortunately, many people operate under the misconception that careful estate planning is only necessary for wealthy individuals. This is not the case at all. Any adult who owns property should have a legal framework in place governing the disposition of their assets and addressing other critical matters. Parents of minor children should make a thoughtful decision about whom they would like to raise their son or daughter in the event of their untimely deaths. Retirees might want to re-evaluate an existing will or trust to see that it reflects their current wishes and circumstances. At any time in your life, a sudden accident or illness could leave you incapacitated, and confusion about who’s in charge of medical choices and financial affairs could make a bad situation much worse. Whether your estate planning involves the transfer of real estate, a business succession procedure, a detailed gift strategy or anything else, our firm can develop a comprehensive program tailored to your needs. 

Wills and trusts

A willdirects how someone’s assets are to be distributed upon their death. When someone dies without a valid will in place, their property is allocated among family members based on a priority system set forth in Colorado’s intestacy law. If this occurs, the decedent’s wishes are not taken into account, so it is important to create an enforceable will even if you plan to transfer the bulk of your assets to beneficiaries through a trust or other means. 

A trust is a legal instrument that holds and distribute assets for a wide range of purposes under the supervision of a trustee. Many people prefer trusts to wills because of the privacy and flexibility that they offer. Some trusts can be revised or dissolved at any time. These are often referred to as revocable or “living” trusts, and they are commonly used to direct the transfer of assets upon one’s death outside of the probate process. There are also irrevocable trusts, which typically cannot be changed but which might confer tax benefits or provide support for an elderly person or special needs child while maintaining their eligibility for government benefits. A testamentary trust is one that is established in a person’s will, but you can put other types of trust into place immediately, which means they could take effect if you become incapacitated. 

Probate

Once someone dies, their will must be filed in the court of the county where they resided. This commences a probate proceeding. In probate, the court determines if the submitted will is valid and oversees the distribution of assets to the heirs named in the document. In some cases, this can be a long, arduous public process, especially if there are disputes over an issue such as the decedent’s lack of capacity or the presence of undue influence or fraud. This is the reason why many people use estate planning to help their loved ones bypass probate. Avoiding probate problems is also a key reason why you should work with a qualified attorney when drafting or updating your will. During probate, our firm assists with each key task, including communicating with the court, notifying heirs, creating an inventory, resolving the decedent’s debts and ultimately distributing the assets in accordance with the decedent’s directions. 

Powers of attorney and medical directives

Sound estate planning involves more than taking steps to allocate property upon your death. You should have a durable power of attorney in place to appoint someone you trust to act as your legal agent in the event that you become incapacitated due to injury or illness. There might also be circumstances where you issue a general power of attorney to someone who can handle your affairs while you are unable to, such as when you are on a long trip overseas. A valid power of attorney prepared by our attorneys can also help avert a guardianship proceeding if someone becomes unable to take care of the personal needs of your children. 

We also create advance medical directives that can express your healthcare preferences should you be unable to communicate during a medical crisis. One example is a living will, which spells what extraordinary measures, if any, you want used in the event that your condition is terminal. You can also appoint someone to serve as a healthcare proxy, so that there is no confusion or conflict as to who is in charge of your health treatment decisions. 

Contact an experienced Colorado estate planning lawyer for a consultation 

Heckman & O’Connor P.C. handles a wide range of estate planning concerns for clients across the Vail Valley and other parts of Colorado. Over decades of serving communities such as Vail, Eagle, Gypsum, Avon, Minturn and Leadville, we have helped individuals and families accomplish their goals. To discuss your situation and needs, please call 970-926-5991 or contact us online. Our office is in Edwards.