Cheyenne Estate Planning Lawyer
Estate Planning Lawyer Cheyenne, WY
An estate planning lawyer Cheyenne, WY community members rely on from Davis, Johnson & Kallal knows that sudden life changes can happen within a moment, and our team wants to be there to support you when it does. Our team can help you create an estate plan that protects your assets, minimizes taxes, and reduces the risk of family disputes after you have passed on. After all, you are probably writing an estate plan so that your legacy is distributed smoothly. We can ensure that your documents are legally-binding with minimal chance of issues arising in the future.
So if you have yet to write an estate plan, you may be wondering, what is estate planning exactly? By definition, it is the process of deciding who will receive which assets in the event of your incapacitation or death. Usually completed with guidance from a lawyer, the goal is to ensure that beneficiaries and heirs receive assets in such a way that estate taxes, gift taxes, and other tax impacts are minimized. If you are just getting started devising your estate plan, here are some things to consider:
Inventory Your Items
You may think that you do not own enough assets to justify establishing an estate plan. But after taking a closer look around your home, you may be surprised to see all the assets you actually have. Examples of tangible assets include land, homes, real estate, vehicles, motorcycles, boats, collectibles, personal possessions, savings accounts, checking accounts, stocks, bonds, mutual funds, health savings accounts, retirement plans, life insurance policies, business ownership, and more. You will need to write a list of inventory for your assets as the first step in writing an estate plan.
Review Your Beneficiaries
When people choose beneficiaries for their estate, it is often their spouse, children, close relatives, friends, and sometimes charity organizations too. Who you want to receive assets from your estate is a personal decision that only you can make. And it can be helpful to appoint contingent beneficiaries, in case the primary beneficiary passes before you do and you do not update the designation. As your Cheyenne estate planning lawyer may offer, consider those you know in your life, are there certain people that would deeply value being given a portion of your legacy after your death? It can feel odd to think about a time when you are not here with those you cherish the most, but it’s part of planning for the future of your estate. If you are not sure who to pick for your beneficiaries, consider speaking with an estate planning lawyer for guidance.
The goal of estate planning is essentially to ensure that the legacy you built over a lifespan is distributed to those you care about the most upon your passing. If you have questions about estate planning or are struggling to get started, don’t hesitate to contact a Cheyenne estate planning lawyer today for support.
Understand The Different Aspects of Estate Planning
Estate planning conducted by a Cheyenne, WY estate planning lawyer from our firm will fill you in on the crucial information needed for estate planning. Estate plans may differ from person to person with some electing to have a trust established and others selecting to have a will. Whichever route you decide to take with your estate plan it’s important to know why it’s such an important thing to do. Ensuring that assets acquired throughout life, like properties and financial items, and are handed down to a charity or to family members, is something that can bring people peace. Having peace and less to think about throughout the aging process that we all go through can make things easier when sickness or things that are debilitating arise. It also eases the burden on family members or close friends in the event of a loved one’s passing. A well thought of and established estate plan can dictate who gets what and when they will get it. Without a proper estate plan, family members may have a lengthy battle in probate or may have a fight over assets. Reach out to us today at Davis, Johnson & Kallal | Wyoming Law for help with estate planning.
How an Estate Planning Lawyer Can Help
A Cheyenne estate planning lawyer residents trust from our firm can be all the difference between a detailed and thorough estate plan and a weak one or even no plan at all. Our firm understands the different items and things that need to be included in an estate plan. We will work with you to ensure that everything is lined up and planned accordingly for your wishes. If there are things that you don’t understand or have questions about then we can cover those items as well. Estate planning doesn’t have to be hard when you have our firm on your side to take care of the details and items involved in an estate plan. Contact us today for assistance in setting up an estate plan or to find out more about what these kinds of plans have included in them.
Why Having A Thorough Estate Plan is So Important
It’s especially important to have a good estate plan firmly established. A Cheyenne estate planning lawyer can help put this plan in place leaving the client with less to deal with as they age. A firm estate plan helps to alleviate a family having more stress and issues from someone’s passing than they should have to deal with. Davis, Johnson & Kallal | Wyoming Law can help out with estate planning and help to ensure that foreseen issues are taken care of before they become a big problem. Unforeseen issues may also come about and this is something that we can help shed light on and include in the plan too. Whether you wish to have a will or a trust set up we are the firm for you to get these important life items set up.
What You Need to Know About Probate
When you contact an estate planning lawyer in Cheyenne, WY, you’re making tomorrow a little easier – not just for yourself, but for your loved ones. The right estate planning lawyer can help you draft a will or create a trust, and can walk you through what will happen to your estate after your death.
Your estate stands for your legacy. It’s everything you’ve built up for yourself and your family, and it’s how your loved ones will remember you when you’re no longer with them. But after your death, your assets don’t just magically appear on their doorsteps.
Estate planning means planning for probate, and if you want to make your passing easier for your family and friends, you should read on to learn more.
Probate can be a long process.
Probate is the process through which your assets are divided and distributed. If you’ve created a will and named beneficiaries, this is how they’ll get everything you’ve left behind for them. Unfortunately, it’s not as easy as it sounds, and there are many legal issues to keep in mind when you’re planning out who should get what. Fortunately, a Cheyenne estate planning lawyer from Davis, Johnson & Kallal can help.
Probate requires an executor.
When you leave a will behind, you’ll need to name an executor. This is a trusted person who is in charge of managing your the division of your estate after your death. When you name an executor, you need to be sure that he or she will follow your wishes and ensure that your beneficiaries get whatever you’ve left behind for them. It’s also a good idea to make sure that your family and friends will accept your choice of executor, because it may be a source of tension moving forward.
There are additional fees to remember.
Probate isn’t free. One of the major steps of the probate process is the valuation of all of your assets. Assets can include property such as collections or cars, but this list also extends into real estate, investments, and more. To value your assets, your executor will need to pay for outside help, and these professionals cost money.
If you fail to appoint an executor, the state will choose one.
This isn’t an ideal situation. While the state may select a close family member or your spouse to handle your estate, it may also choose your first spouse, or an estranged family member. This means your family may end up fighting over what you’ve left behind, or (worst case) they may not see any of your estate at all. All the more reason to contact an estate planning lawyer Cheyenne trusts.
Your will needs to be validated before probate even starts.
You can’t just make a last will and testament on your computer. It needs to be signed by a notary public, and it needs to be valid in the eyes of the law. When you create a will, you’re creating a legal document that provides instructions for what should be done with your estate after your death. If you want to make sure it’s legitimate, you should go over it with an accomplished estate planning lawyer.
Contact Davis, Johnson & Kallal Today
At Davis, Johnson & Kallal, we know the importance of planning for your future. Get in touch with us today to see how a Cheyenne estate planning lawyer from our office can help build your tomorrow.
Working on Your Estate Plan
A Cheyenne, WY estate planning lawyer knows that when you need to begin the estate planning process, you may be worried that you have no clue where to begin. Estate planning can be complicated and when you want to try the process on your own you may quickly find that there are so many details that you quit before you even really get going. You should not let the complexity of estate planning get in your way when you are trying to take care of your assets and your legacy. Instead, turn to the team at Davis, Johnson & Kallal to learn what you need to do to plan your estate.
What is one of the most important things to include in my estate plan?
One of the most important things you can include in your estate plan is taking care of your family. Especially if you have minor children, you want to know that someone will be there to take care of them in the event that you pass away while they are still minors. You want to know that there is a person or a couple you trust completely to raise your children. Your Cheyenne estate planning lawyer can help you create a will and name a guardian for your children and can outline how you want their finances managed as well.
Does an estate plan only include wills and trusts?
Wills and trusts are probably the two most popular forms of estate plans. However, there are other aspects of estate planning that are equally as important that your lawyer will want to cover as well. You should work with your lawyer to create a power of attorney and an advance healthcare directive. Your power of attorney will ensure someone is there to take over your affairs if you are still alive but incapacitated. Your advance healthcare directive can ensure your medical wishes are made known if you are incapacitated.
Will I need to update my estate plan?
You will likely need to update your estate plan multiple times unless you are making it toward the end of your life. Things change so much during a person’s lifetime that an estate plan can quickly become out-of-date. It is customary for people to go back and review their estate plan every few years but it is also important to make changes during major life events, whether you have acquired new assets, opened a company, gotten married, gotten divorced, or had children. Speak with your lawyer about reviewing your estate plan and updating it so it accurately reflects what is going on in your life now.
Who can I speak with about my estate plan?
Whether you need to make updates or you want to start an estate plan from scratch, you should work with a lawyer to ensure it is done properly. When you need legal help, turn to the team at Davis, Johnson & Kallal for help. The best time to work on your estate plan is now. Speak with our Cheyenne estate planning lawyer to see how you should begin.
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