Welcome to Law Lingo: a monthly blog series brought to you by Brown & Crona, LLC that explains estate planning terminologies in simple terms. This month we will explain estate law.
Estate law may sound like something that would only apply to the rich and famous – or something that only older people would need to understand. In reality, estate law is a specialty of law that can help adults of all ages safeguard their personal and real property while they are living and after they pass away – regardless of the person’s financial status or age (typically over age 18). Children under the age of 18 as well as adult children with special needs can also be included in estate law to ensure they are well cared for in the event of an emergency.
Types of Personal Property
Estate law can help you ensure that your personal property is well-managed while you are living (if you should become incapacitated and unable to manage it yourself). This type of law can also help ensure that your personal property is passed down to the people you wish to receive it after you pass away. Personal property can be extremely valuable or simply sentimental including such movable items as:
• Automobiles / motorcycles
• Household items / furniture
• Stocks / bonds
Types of Real Property
Estate law can also help protect your major investments that are not movable (real property) such as:
What Estate Law Includes
Estate law covers a wide range of services:
• Estate planning (wills, trusts, executors, powers of attorney, living will, organ donation, distribution of property, etc.)
• Business planning (creating a corporation, partnership or limited liability company)
• Estate / trust administration (managing the distribution of your estate or trust after you pass away)
• Guardianships and conservatorships (protected person proceedings)
• Probate / trust litigation (settling disputes)
In a nutshell, estate law exists to protect you, your property and the people you love. It doesn’t matter how much you own; just about everyone has an estate of things important to them. Estate lawyers can help you determine which types of legal documents can help protect your estate, safeguarding you at the present and planning for the future. Even though it may seem like a big step to take, it is important to get your affairs in order while you are young and healthy.
Still confused by estate law or any other legal terms? The Denver estate lawyers at Brown & Crona, LLC are here to help. Contact us at (303) 339-3750 or send us a message online to meet with our experts.