Estate Planning Lawyers in Colorado Springs, CO

Gaddis, Herd, Craw & Adams, P.C. Helps You Prepare for Your Future, Today.

For over four decades, Gaddis, Herd, Craw & Adams, P.C. has assisted individuals and families in planning their estates. Since a variety of options are available when it comes to estate planning, it is vital that clients understand what choices and alternatives they have. 

Larry R. Gaddis, Esq., is an expert in the estate planning field and clients have greatly profited from his expertise in deciding what works best in their particular situation.

What Is an Estate Plan?

An estate plan sets in place the tools to distribute or manage your property in the event of your incapacity, death, marriage, or divorce. 

These tools might include a will, trust, durable powers of attorney for finances and for health care, living will, life insurance, assignment of survivor-ship rights, prenuptial and post-nuptial agreements, burial instructions, anatomical gift forms, and other legal documents, such as beneficiary deeds.

What Is Usually Involved in a Typical Estate Plan?

The typical estate plan will usually consist of a will, possibly a trust, General Durable Power of Lawyer, Health Care Power of Lawyer and Living Will. There are some other miscellaneous documents that are sometimes involved such as HIPPA release, Organ Donation Form, and Disposal of Last Remains.

What Is a Will?

A will is a written document that sets forth a person’s wishes as to what they want to happen with their assets after their death. It should also contain the name or names of who will act as the Executor, or as we now call them Personal Representative. This is the person who is in charge of carrying out your wishes.

 It also would typically name the person or persons you want to be Guardian for your minor children and if you have minor children it would also typically name a Trustee to handle their financial affairs until they reach whatever age you think is appropriate.

What Does the Typical Personal Representative or Executor Do?

Their job is to collect the assets, pay the bills, file any tax returns that are required and then turn the remaining assets over to whoever is entitled to them.