An Estate Plan Is More Than Just A Will
dan • March 11, 2022
Many people think that if they have a will, then they have an estate plan, and that if they don’t have a will, they don’t have an estate plan. In fact, your estate plan is a mix of a number of decisions you have made. There are situations in which your will could end up controlling nothing at your death. There are other situations in which, even if you don’t have a will, your assets would get distributed quickly, with no court involvement, to exactly the people you wanted.
You will make a number of decisions over the course of your life that impact how your assets would be managed or distributed, but which you do not consider to be estate planning decisions. Jointly purchasing assets, designating beneficiaries to receive certain insurance benefits, retirement accounts, or other assets, your state’s law, and even your marital status will all play a significant role in determining who can manage your affairs for you if you cannot, and who will receive your assets if you pass away. A common problem is that many people do bits and pieces of estate planning here and there, but never think through their plans as one cohesive whole. In this video, Denver estate planning attorney Dan McKenzie of The McKenzie Law Firm explains that a will is only part of an estate plan. Watch this video to learn more about what a will does and does not do.
You will make a number of decisions over the course of your life that impact how your assets would be managed or distributed, but which you do not consider to be estate planning decisions. Jointly purchasing assets, designating beneficiaries to receive certain insurance benefits, retirement accounts, or other assets, your state’s law, and even your marital status will all play a significant role in determining who can manage your affairs for you if you cannot, and who will receive your assets if you pass away. A common problem is that many people do bits and pieces of estate planning here and there, but never think through their plans as one cohesive whole. In this video, Denver estate planning attorney Dan McKenzie of The McKenzie Law Firm explains that a will is only part of an estate plan. Watch this video to learn more about what a will does and does not do.
What next?
If you think it might be time to think through your estate plan, you can:
- Give us a call at 720-821-7604 to schedule a "Discovery Session" at which we can determine whether our firm would be a good fit for your needs. Or fill out our contact form to have us call you.
- Visit our estate planning page to learn more about how proactively thinking through your estate plan can protect you and your family, minimize hassle, lower the chance of family discord, and minimize or eliminate taxes.
- Get a copy of our estate planning checklist to see where you currently stand.
- Learn more reading our blog ,or watching our videos .
Losing a loved one is overwhelming, and many families are surprised to learn that financial matters can freeze instantly after a passing. When a person dies, their legal financial identity stops immediately. This means they can no longer hold property, sign agreements, or authorize payments. Even if you hold a power of attorney—a legal document allowing you to make decisions on someone’s behalf while they are alive—that authority ends the moment they pass away. Families across the Denver metro area are often caught off guard when trying to access funds to pay for immediate expenses.
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