The Johnson Law Firm LLC. offers a broad range of Estate Planning and Probate services. Here are some Frequently Asked Questions

1. 1.Why Do I Need An Estate Plan?
   

2. 2.What is a Living Will?
   

3. 3.What is a General Durable Power of Attorney?
   

4. 4.What is a Medical Power of Attorney?
   

5. 5.Why might I need A Trust?
   

6. 6.What is Probate and Is It Expensive?

Why Do I Need An Estate Plan?

If you are married at the time of your death, your spouse will get part of your estate, and the rest will be divided among your children. If you are single, the state will decide which of your relatives receives your property.

A will is one of the best ways to protect your family. You can protect your children by having property placed in trust and managed for them until they are old enough to manage it themselves. You can protect your spouse by making sure that he or she gets to keep your bank accounts, retirement or real-estate. Finally, you can even use your will to designate what happens to your business, and even your pets.

An estate plan protects you and your family both while you are alive, and after you die. If you get injured and cannot make decisions for yourself, it can allow a trusted person to continue to pay your bills and manage your finances. It can also let your family and doctors know whether you wish to be kept alive on a feeding tube or be allowed to die naturally.

What is a Living Will?

A living will tells your family and physicians what to do in the event that you are terminally ill, and being kept alive by a feeding tube. You can decide to continue the feeding, continue it for a specified number of days, or discontinue it.

What is a General Durable Power of Attorney?

A General Durable Power of Attorney is a document which lets someone else take over your financial affairs in the event that you become unable to manage them on your own. That person can manage your finances and property until you are able to resume doing it on your own. Without a General Durable Power of Attorney, someone will have to go to court and get appointed as your guardian and/or conservator in order to do the same thing. This can cost thousands or even hundreds of thousands of dollars which could be put to better use.

What is a Medical Power of Attorney?

A Medical Power of Attorney is a document where you let someone else make medical decisions on your behalf. Suppose that you are found unconscious and are rushed to the hospital. The hospital needs your permission to treat you. Since you cannot give permission, they will need to get permission from a court. Perhaps there are a variety of possible treatments. Your medical power of attorney would let someone you trust consent to your medical treatment and act on your behalf.

Why Might I Need A Trust?

A trust lets you choose a trustee to keep and manage property for the benefit of a beneficiary. Do you want to give a 5-year-old a large amount of money? Do you trust your relatives to keep your money and not waste it? A trust lets you specify how your money is to be managed so you can protect your beneficiaries. Also, if you have any children or other people who you wish to provide for, who are currently receiving government benefits, you can use a trust so they can benefit from the property without losing the benefits.

What Is Probate and Is It Expensive?

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When you die, all of your property goes into your Estate. A personal representative is appointed to take possession of the property, pay your debts and distribute the remaining property according to your will ( or state law if you don’t have a will). In Colorado, probate is very efficient and inexpensive. Sadly that is not true for many other states.