What Is Estate Planning?
Estate planning is the process of organizing your assets, such as bank accounts, real estate, and other assets, and establishing legal structures to manage and transfer wealth during your life and after death. This might include creating a will, setting up a trust, designating beneficiaries, naming a power of attorney, and planning for long-term care.
Why Estate Planning Matters
Without a plan in place, your estate could face delays, unexpected expenses, and court intervention. In some cases, valuable assets may even go unclaimed or distributed in ways you didn’t intend. A proactive estate plan can help prevent:
- Unnecessary taxes and legal fees
- Family disputes or confusion
- Asset loss due to poor liquidity
- Delays caused by probate court
- Missed opportunities to preserve wealth
Estate planning goes far beyond writing a will. It’s about building a plan that reflects your priorities and adapts to life’s changes.
3 Key Risks Estate Planning Services Can Help Address
Death-Related Expenses
Funeral costs, final medical bills, outstanding debts, attorney fees,
and taxes can quickly erode an estate’s value.
Inflation
Assets like real estate can lose value in real terms if they haven’t been appraised or adjusted for inflation.
Lack of Liquidity
Without enough cash or liquid assets, an estate may be forced to sell investments or property at unfavorable times, leading to losses or delays in distributing funds.
Trust vs. Will: What’s the Difference?
Will
- Specifies how your assets should be distributed after death
- Names guardians for minor children
- Becomes effective only after your passing
- Typically goes through probate court
Trust
- Allows for more control over timing and conditions of asset distribution
- May avoid probate entirely
- Can offer privacy and tax planning advantages
- Can go into effect during your lifetime
We can help explore whether a trust is appropriate for your goals, or whether a will may provide the simplicity you need.
Additional Tools for Estate Planning
Durable & Medical Powers of Attorney (POA)
- Medical POA: For health care decisions
- Durable POA:For financial matters, even in the event of incapacity
Long-Term Care & Disability Planning
Extended medical care or unexpected disability can impact your estate and your peace of mind. We may recommend insurance options or asset protection strategies to help safeguard against these scenarios.
What Happens Without an Estate Plan?
Dying Intestate
If you pass away without a will or trust, the state steps in to determine how your assets are distributed. This process, called intestacy, is often time-consuming, costly, and rarely reflects your true wishes.
What Is Probate?
Probate is the legal process of validating your will (if one exists) and distributing your assets. It can be public, lengthy, and expensive, especially if there are disputes or unclear instructions.
A well-organized estate plan can help minimize or even avoid probate in many cases.
Our Collaborative Estate Planning Process
Meet with an Advisor
Before meeting with an attorney, we recommend reviewing your situation with a financial advisor first. We’ll help model your financial picture and clarify how different strategies might affect your goals and beneficiaries.
Align with Your Estate Planning Attorney
Once we’ve outlined your objectives, we’ll coordinate with your estate planning attorney to make sure they have accurate and up-to-date financial information.
Implement the Legal Plan
Your attorney will draft the legal documents needed, whether that’s a will, trust, or both.
Ongoing Support & Monitoring
Life evolves, and your estate plan should, too. We encourage ongoing check-ins to ensure your plan stays current and continues to reflect your specific wishes.
A Thoughtful, Fiduciary Approach
WealthClarity operates as a fiduciary, which means we are obligated to act in your best interest. Estate planning isn’t just paperwork;
it protects your family, preserves your assets, and honors the values that matter most to you.
Our estate planning guidance is available as part of our broader financial planning services or on an hourly basis, depending
on your preferences.
Schedule a Free Consultation with an Estate Planning Advisor in Colorado
Whether you’re updating an existing plan or starting from scratch, we’re here to help make the process clear, approachable, and aligned with your goals. Our team is based in Lakewood, Colorado, and we proudly serve individuals and families throughout the state and across the country.
