Estate Planning for Young Parents

Jennifer Kuhn • July 24, 2019

Estate Planning for young parents


Employment, Insurance, Malpractice, and Estate Attorneys Serving Denver, Colorado Springs, Pueblo, Castle Rock & Nearby Colorado

It’s common for new parents to postpone estate planning. You may think that you are too young and healthy to worry about it. The process may seem expensive and intimidating. Or, like many young couples, you may not see the benefits of estate planning. There are numerous reasons why people tend to overlook this important task.


However, the reality is that estate planning should be at the top of any parent’s to-do list. In the event of death or incapacity, an estate plan helps protect the people who are depending on you. With the help of our knowledgeable estate planning attorneys, creating a comprehensive plan is a straightforward and manageable task.


A good estate plan will cover several elements, such as:

  • Creating a will
  • Naming a guardian to care for your minor children
  • Naming an executor of your estate
  • Planning for the distribution of your assets
  • Making funeral arrangements


Creating a Will and Naming a Guardian for Minor Children


Money can be tight for many young parents. Creating a will at this stage of your life may be less about leaving your assets to your children and more about naming a guardian. The court appoints a guardian if you and the other parent cannot raise your children. This person will be responsible for the care, custody, and control of your child, so it is important to name a guardian in your will instead of letting the decision fall to someone else.

It is also crucial to make sure that someone can act as an agent during your incapacity. An agent, appointed through a power of attorney, is an individual who temporarily makes decisions for your child without you giving up your parental or custodial rights. Choosing an agent during the estate planning process allows you to ensure that your child will be cared for if you become impaired by illness or other factors.


Leaving Assets to Minor Children


If your child will inherit any property or money from you, it is important to consider what will happen to those assets if you pass while he or she is still a minor. Leaving assets outright to a minor child will cause a conservatorship, which is a court proceeding. Your assets will not go directly to your child; instead, the court will appoint someone to manage the finances and property until your child turns 18.

Court-appointed conservatorships for minor children can be filled with uncertainty. There are a number of ways that you can avoid this dilemma. These options include setting up a trust for each of your minor children in your will and nominating a trustee to manage the trust until a certain age.


Learn More About Estate Planning in Colorado Springs


These are only a few of the steps involved in estate planning. Contact our dedicated estate planning attorneys at 719-694-3000 to discuss the legal steps you should take as a young parent. You can always start small and cover the basics before moving on to a more comprehensive plan.

Our estate planning attorneys know that it can be difficult to think about and plan for the worst-case scenarios in life. However, doing so will give you peace of mind. We happily serve families from Colorado Springs, Pueblo, Castle Rock, and nearby areas of Colorado.


Category: Wills and TrustsProbate and Estate law

October 29, 2024
What is the Statute of Limitations for a Colorado Car Accident?
June 24, 2024
Navigating the Probate Process in Colorado with Ease
April 1, 2024
As a business owner in Colorado, you understand the importance of protecting your company's interests and reputation. However, disputes and conflicts are inevitable in the world of business. When faced with legal challenges, it is crucial to have a knowledgeable and experienced attorney by your side to navigate the complex landscape of business litigation and dispute resolution. In this blog post, we will delve into the significance of having a skilled attorney specializing in business disputes on your team.  Understanding Business Litigation: Business litigation involves legal disputes that arise in the course of running a business. These disputes can range from contract breaches to intellectual property infringement to partnership disagreements. A skilled business litigation attorney understands the nuances of these cases and can provide valuable guidance on how to best protect your company's interests. They will analyze the situation, develop a strategic plan, and advocate on your behalf in court if necessary. Importance of Dispute Resolution: While litigation is sometimes necessary, many business disputes can be resolved through alternative methods such as negotiation, mediation, or arbitration. A dispute resolution attorney specializes in helping parties reach mutually beneficial agreements outside of the courtroom. This can save time, money, and preserve relationships that may be vital to the success of your business. Expertise in Colorado Laws: Hiring a local attorney who is well-versed in Colorado laws and regulations is essential when dealing with business disputes within the state. An attorney familiar with Colorado's legal landscape will have knowledge of local courts, judges, and procedures that can give you an edge in resolving your case efficiently and effectively. Protecting Your Business Interests: A skilled business litigation attorney will work tirelessly to protect your company's interests throughout any legal proceedings. They will strive to achieve the best possible outcome for your business while minimizing risks and liabilities. By having an attorney who understands your industry and has experience handling similar cases, you can feel confident that your company's future is in capable hands. Partnering with a Litigation & Dispute Resolution Attorney: When faced with a business dispute or potential litigation, it is crucial to seek legal counsel from an attorney who specializes in these areas. By partnering with a litigation & dispute resolution attorney, you are investing in the protection and success of your business for years to come. In conclusion, navigating business disputes requires expertise, strategy, and dedication – qualities that a skilled litigation & dispute resolution attorney possesses. By enlisting the help of an experienced professional who understands Colorado laws and has a track record of success in handling complex cases, you can rest assured that your company's interests are being protected every step of the way. Don't wait until it's too late – consult with a reputable attorney today to safeguard your business against potential legal challenges.
February 16, 2024
Accidents happen, and sometimes they can be quite serious. If you've slipped and fallen at work, it's important to know what steps to take next. Whether you're a new employee or have been working in Colorado for years, knowing what to do after an accident can help you protect your rights and get the care you need. In this blog post, we'll discuss the four steps you should take if you slip and fall at work in Colorado. Report the accident The first step after a slip-and-fall accident is to report it to your employer as soon as possible. Even if your injuries seem minor, it's important to document the incident for two reasons: First, reporting the incident promptly ensures that your employer has time to investigate and address any hazards that may have caused the accident. Second, if your injuries turn out to be more serious than you initially thought, documenting the incident will help support any claims or workers' compensation filings down the line. Seek medical treatment If you've been injured in a slip-and-fall accident, it's essential that you seek medical treatment right away. Even if your injuries seem minor at first, they could worsen over time without proper care. Additionally, getting prompt medical attention will help ensure that there is a record of your injuries that can be used later on if necessary. File a claim If your injury was caused by someone else's negligence (such as a poorly maintained walkway or spilled liquid), you may be entitled to compensation for damages such as medical bills and lost wages. To begin this process, file a claim with your employer's workers' compensation insurance carrier within the designated timeframe (in Colorado it must be filed within 4 days of knowing about the injury). Contact an attorney If you're struggling to get the compensation you deserve after a slip-and-fall accident, consider contacting an attorney who specializes in personal injury cases. An experienced attorney can help you navigate the legal system and pursue your rights to compensation. They will also be able to help you determine if there is any other evidence or documentation needed for your case. Slipping and falling at work can be a scary experience, but knowing what steps to take next can help ease your worries and protect your rights. Reporting the incident, seeking medical treatment, filing a claim, and contacting an attorney are all important steps that could help ensure you receive the compensation you deserve. If you've been injured on the job in Colorado, don't hesitate to take action - it's your right!
January 29, 2024
Understanding the Statute of Limitations for Car Accident Claims in Colorado
December 15, 2023
What to Know About Divorce and Taxes in Colorado
December 1, 2023
Losing someone close to our heart is a painful experience, and when it comes to losing someone who has left behind a will, the ordeal can be even more complex and challenging. Contesting a will is an option that can be pursued if you believe that the will is invalid or does not distribute assets fairly. However, before taking any legal action in Colorado, you need to weigh different factors to determine if it's worth it. In this blog post, we will discuss what you should consider before contesting a will in Colorado and how an attorney can help you through the process.  1. Grounds for Contesting a Will: Firstly, you need to determine if there are legitimate grounds for contesting the will. In Colorado, you may contest a will if you suspect that the decedent lacked testamentary capacity, was under undue influence, or if there was fraud or duress involved in the creation of the will. You have to provide solid evidence to support your case, which may require an investigation into the decedent's financial and medical records. It's essential to work with an experienced attorney who can evaluate your case and guide you in the right direction. 2. Time Limitations: In Colorado, there's a set time frame for filing a will contest, which is typically six months after the will is admitted to probate. However, this timeline may vary depending on the circumstances of the case. It's essential to act swiftly and consult with an attorney as soon as possible to ensure you don't miss the deadline or waive your rights. 3. Emotional Toll: Contesting a will is an emotionally draining process, and it can take a toll on your mental well-being. You have to deal with the loss of a loved one, legal battles, and possible conflicts with family members. It's essential to consider how much emotional energy you're willing to invest in the process. Your attorney can help you understand the emotional costs of a will contest and provide you with the support you need. 4. Financial Costs: The cost of contesting a will in Colorado can vary depending on the complexity of the case and the attorney fees involved. You need to weigh the potential financial gain against the expenses of the legal process. In some cases, the cost of litigation may exceed the value of the estate that you're contesting. Your attorney can help you assess the financial viability of contesting the will and provide you with a cost-effective plan. 5. Alternative Dispute Resolution: If the idea of going to court feels overwhelming, you may explore alternatives such as mediation or arbitration. These are methods of alternative dispute resolution that can help you reach a settlement outside the courtroom. It's essential to work with an attorney who has experience in these methods of dispute resolution and can guide you through the process. Contesting a will in Colorado is a complex and emotional process that requires careful consideration and guidance from a knowledgeable attorney. Before proceeding, you need to weigh the grounds for contesting the will, the time limitations, emotional and financial costs, and the alternatives available. Your attorney can help you navigate these factors and create a plan that aligns with your goals and interests. If you're considering contesting a will, contact a Colorado-based attorney who specializes in probate and estate planning to discuss your options.
October 27, 2023
Truck accidents can cause significant harm to victims and their families. It is imperative to hire a personal injury lawyer to help file a claim or lawsuit to recover compensation for damages. But how much can victims receive from a truck accident settlement? What factors influence the accident settlement calculations? In this blog post, we discuss the process of a truck accident lawsuit and how a lawyer can help victims pursue the maximum compensation they deserve.  Firstly, a truck accident lawsuit involves filing a legal complaint against the truck driver and/or their employer responsible for the accident. Afterward, discovery begins; this process involves collecting evidence and exchanging information between the parties involved. The objective of discovery is to reveal any evidence that can support or disprove the victim's claim. Afterward, either party can file for summary judgment, a process that asks the judge to review the evidence and make a ruling. If the case is not resolved during summary judgment, it may proceed to trial. Secondly, victims can recover compensation from a truck accident settlement or lawsuit based on several factors. These factors may include the severity of the victim's injuries, the amount of property damage, lost wages, and the victim's pain and suffering. Additionally, the amount of compensation can also depend on whether the defendant was negligent or reckless in the accident's occurrence. The severity of the accident and the actions of the truck driver and trucking company can also affect the settlement's final amount. Thirdly, truck accidents often require specialized knowledge to investigate and litigate successfully. Therefore, it is essential to hire a lawyer who has experience in handling truck accident cases. An experienced truck accident lawyer can accurately assess a victim's damages, negotiate with insurance companies or attorneys, and navigate through the legal process. A lawyer can also help gather evidence, depose witnesses, and hire experts to support the victim's claim. Fourthly, it is crucial to act quickly after a truck accident occurs. The statute of limitations in Colorado is three years from the accident date in which to file a lawsuit. Suppose you fail to file within the statute of limitations; you may not be eligible to recover damages. Hiring a lawyer soon after an accident can help gather evidence before it gets lost, leading to a stronger case. Lastly, pursuing a truck accident lawsuit is not only to recover compensation for the victim's losses but also to hold those responsible accountable for their actions. An accident lawsuit can also bring attention to dangerous drivers and ensure that trucking companies follow strict laws to maintain the truck's roadworthiness and safety. By doing so, it can help prevent future accidents. Truck accident lawsuits can be complex and challenging. They frequently involve large trucking firms and their insurance companies. Therefore, it is essential to hire an experienced truck accident attorney to help calculate the maximum compensation available and navigate the legal process successfully. As a victim, it is your right to receive fair compensation for your injuries, lost wages, property damage, and pain and suffering. Consult with an experienced truck accident attorney in Colorado today to help determine your legal options and pursue the compensation you deserve.
January 7, 2022
When Fire Causes a Total Loss, Will Your Insurance Step Up?  Employment, Insurance, Malpractice, and Estate Attorneys Serving Denver, Colorado Springs, Pueblo, Castle Rock & Nearby Colorado
December 27, 2021
Can Colorado Enforce its Compensation and Advancement Regulation on Job Postings? Employment, Insurance, Malpractice, and Estate Attorneys Serving Denver, Colorado Springs, Pueblo, Castle Rock & Nearby Colorado
More Posts
Share by: