Cheyenne Estate Planning Lawyer

Estate Planning Lawyer Cheyenne, WYEstate 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. 

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