Areas of Practice
The Importance of Estate Planning
Rich or poor, single or married, with ten children or no children, everyone deserves and needs and Estate Plan.
An Estate Plan is a good idea for everyone, regardless of age or health condition. Ossmann Law Office can create an Estate Plan to ensure guardianship for children, receive proper medical treatment, minimize estate tax, leave money to charities that do important work, and transfer ownership of a family business.
We understand the very personal decisions involved in crafting an effective Estate Plan. We will advise you throughout this process to help you achieve the goals and objectives most important to you.
An Estate Plan may include a Will, Trusts, Medical Power of Attorney, General Power of Attorney, Living Will, or other instruments designed to protect your estate from creditors, taxation, and others who may lay claim to your assets.
Having an Estate Plan in place can protect your family, and could save them money down the road.
Frequently Asked Questions
What is a Will?
A Will is a written instrument that states how your assets will be distributed among your beneficiaries upon your death. You can be as creative as you wish with your Will, as long as it remains within the bounds of Colorado law.
What is a Trust?
A Trust is an instrument that allows for the management of assets for beneficiaries until a certain condition is met, such as a determined age or a specified event. If done properly, a Trust may be used as a vehicle to lower or eliminate estate taxes.
Do I Need a Will?
Even if you feel you may not have any assets to pass to certain beneficiaries, you may own items of sentimental value that you wish to pass on, you may need a guardian for your minor children, or you may wish to make personal statements after you are gone.
What Happens if I Die Without a Will?
If you die without a Will, you are said to have died Intestate. Colorado has a whole host of laws dealing with intestacy.
If are married with children, and you die without a Will, your spouse will receive your estate. Should your spouse die before you, your children will receive your estate, and so on through a succession of beneficiaries dictated by Colorado intestacy laws.
If you are married but do not have children, and you die without a Will, your spouse will receive your estate, MINUS one quarter, which will go to your in-laws.
If you have a committed partner, and you die without a Will, unless you name your partner as a beneficiary, your children if any will receive your estate, then your parents, and so on through a succession of beneficiaries dictated by Colorado intestacy laws. Your partner will not stand to inherit anything in your estate.
If you are single, and you die without a Will, your children, if any, will receive your estate, then your parents, and so on through a succession of beneficiaries as dictated by Colorado intestacy laws.
What is a Medical Power of Attorney?
A Medical Power of Attorney allows you to name a trusted friend or family member to make medical decisions on your behalf in the event of your incapacitation. It is important to choose someone who has compatible philosophies concerning medical care. It is also important to make your wishes concerning medical care known to your "Attorney."
What is a Durable Power of Attorney?
A Durable Power of Attorney allows you to name someone to take care of your financial affairs in the event of your incapacitation. Unless you have joint accounts with the person handling your financial affairs, you must have this document in place to allow someone to talk to your creditors, lenders, bankers, etc., on your behalf.
What is a Living Will?
A Living Will allows you to make your wishes known regarding artificial life support. The Living Will permits a terminal patient to die with dignity upon concurrence of physicians that the only way to keep the patient alive is through artificial means.
What is a Disposition of Last Remains?
A Disposition of Last Remains allows you to state your wishes regarding burial, cremation, memorial services, and funerals. It is important to make your wishes known in a separate document from your Will. Often, funerals take place before a Will is even found, thus if you wish for a special service, for your ashes to be scattered in a special location, this document...