Chelsea Victor
Redstone Review

LYONS – A guy walks into a bar. He recently found out that his elderly father will be passing away in a few years and leaving him a very large inheritance. Using this new information as leverage in the dating market, he decides it’s time to find someone to settle down with.

So guy looks around the room and locks eyes with this stunning young woman. He figures she’s probably out of his league, but walks up to her with his new boost of confidence and says, “I may not look like much now, but in a few years my father will pass away and I will have millions. Would you be interested in going to dinner sometime?” She’s interested, and gets his name and number. A week later, she became his step-mom.

What does this story illustrate? Sometimes women are better estate planners than men. Or, more appropriately, effective estate planning can protect your children’s inheritance. According to recent statistics, seven out of ten Americans do not have a will. This is a staggering amount considering the importance of having a will and medical durable power of attorney, the incentive to simplify the probate process, and the overwhelming availability of estate planning attorneys.

Many people justify not having a will because they don’t have property or kids, or their estate isn’t very large. Regardless of these factors, everyone over the age of 18 needs a will. Owning property or having children increases the importance of an estate plan, but everyone can benefit from having a will in place, as their estate, regardless of the size, is going to have to go through some part of the probate process.

Some people are concerned with the cost of getting a will drafted, and in tough financial times many are lured to cheaper alternatives, like downloading one off a website for $19.95. Or you can even draft a will yourself, as there is no legal requirement that your will be drafted by an attorney. However, when you factor in the time and headache involved in using these methods, along with the lack of assurance that is was done correctly, and the risks involved if your will does not comply with the legal formalities required, suddenly spending the money to hire a professional doesn’t sound so bad.

Preparing an estate plan with an attorney doesn’t need to break the bank. For example, a customized will, appointment of guardian, consult and a medical durable power of attorney with a built in medical directive typically costs between $300 and $500. I can’t speak for all other attorney’s pricings, but there are many other attorneys in the area who also charge reasonable fees.

If you already have a will you drafted or purchased online, why not get a free consultation and let an attorney review it just to be sure it meets Colorado probate requirements? It’s also a good idea to get your wills and trusts reviewed every few years to make sure it’s in conformity with law changes and up to date with your current estate.

Finally, beware of getting oversold on an elaborate estate plan that you don’t understand or that exceeds your needs, particularly in the form of trusts. Trusts are complicated and involved, and there are many misconceptions existing today about their benefits. If you are interested in learning more about a trust and whether you need one, or if you already have a trust and have no idea what it means or how it operates, schedule a free consultation and get your questions answered.

Remember that the purpose of having a will or trust in place is to simplify the probate process for your future executors and beneficiaries, and there is a good chance that if you don’t understand your own will or trust, your executor and family won’t either. And if that’s the case, they are probably going to end up at an attorney’s office anyway. If you have questions, don’t hesitate to call and set up a time to come by, or call to attend one of my free educational seminars taking place this month.

Chelsea A. Victor is a local attorney specializing in estate planning, tax resolution, contracts, business law, criminal defense, personal injury and conflict resolution. Call for a free consultation 303-702-0591 or chelsea@victorcounsel.com

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