Probate court proceedings could be expensive and time-consuming, which is why people take proactive steps to make sure their beneficiaries would have no trouble in claiming their heirlooms in the future.
Colorado estate planning lawyers could help you determine the best way for your heirs to avoid probate court proceedings. The initial cost of hiring a lawyer could range between $800 and $1,800.
Residents in Colorado should consider living trusts and joint ownership for avoiding probate. You could set up a living trust for any kind of asset under your name such as properties, bank accounts, and cars. Upon your death, your legitimate successor trustee would be able to claim ownership for your assets without having to face the court.
In case your home is your only asset, joint ownership with a right of survivorship would be a good option. Couples usually have this arrangement, which bestows ownership on a certain person upon their partner’s death. In Colorado, the state allows joint owners to have unequal rights to a property.
Cost of Estate Planning
Aside from a lawyer’s services, other basic costs involved in estate planning are a will, living will, and a health care proxy, according to the Financial Planning Association. If you plan to do it yourself, a basic planning kit costs between $10 and $60, while software for estate planning costs up to $250.
However, you should be sure that you’re using updated details that are specific to your state of residence. Consult an estate planning lawyer and have them review your documents. Remember that your goal should be preventing your beneficiaries from going through probate court proceedings.
When choosing among different attorneys in Colorado, find a law firm that specializes in different cases involving estate planning. You’d want someone who could guide you throughout the process, despite the complexity of your situation.