Frequently Asked Questions

Estate planning is the process of arranging how your assets and responsibilities will be managed and distributed after your death or if you become incapacitated. It ensures your wishes are followed, reduces potential conflicts among your heirs, and can help minimize taxes and legal fees.

Hiring an attorney for your estate plan ensures that your documents are legally sound and tailored to your specific needs. Online services offer generic templates that might not comply with Colorado laws or cover complex situations. An attorney can provide personalized advice, help you navigate intricate legal requirements, and address unique circumstances such as blended families, special needs, or substantial assets. This professional guidance can prevent costly mistakes and ensure your estate plan reflects your true intentions, providing greater peace of mind.

A will is a legal document that outlines how you want your assets distributed after your death. A trust, on the other hand, is a legal entity that holds assets on behalf of your beneficiaries and can be used to manage your assets both during your life and after your death. Trusts can provide more control over when and how your assets are distributed and can help avoid probate, the court-supervised process of distributing a deceased person’s estate.

If you die without a will in Colorado, state laws determine how your assets will be distributed, which is called intestate succession. Typically, your assets will go to your closest relatives. If you’re married, your spouse usually receives the majority, or all, of your estate, depending on whether you have children or other descendants. If you have children from a previous relationship, your spouse and children will share the estate. If you have no spouse or children, your assets will go to other family members like parents or siblings. This process might not reflect your personal wishes and could lead to lengthy and costly legal procedures for your loved ones.

A Financial Power of Attorney (POA) is a legal document that allows you to appoint someone to manage your financial affairs if you become unable to do so yourself. This can include paying bills, managing investments, and handling other financial transactions. Having a Financial POA ensures that someone you trust can take care of your finances, avoiding potential court intervention.

Advance Directives are legal documents that outline your healthcare preferences in case you become incapacitated and cannot communicate your wishes. This includes a Living Will, which specifies the types of medical treatment you want or don’t want, and a Medical Durable Power of Attorney, which designates someone to make healthcare decisions on your behalf. These documents guide your loved ones and healthcare providers, ensuring your wishes are followed.

A HIPAA Authorization is a document that allows your designated individuals to access your medical information. Without this authorization, privacy laws may prevent doctors from sharing your health information with your loved ones or the person you’ve appointed to make healthcare decisions for you. This document ensures that your designated person can make informed decisions about your care.

A Last Will and Testament is a legal document that outlines how you want your assets distributed after your death. It allows you to name beneficiaries, designate guardians for minor children, and appoint an executor to manage your estate. A will ensures your wishes are carried out and can help avoid disputes among your heirs.

A Revocable Living Trust is a legal entity you create to hold your assets during your lifetime, with instructions for their management and distribution after your death. It can help avoid probate, provide privacy, and allow for smoother management of your assets if you become incapacitated. You can change or revoke the trust during your lifetime, offering flexibility and control.

A Beneficiary Designation is a form you complete to specify who will receive assets like life insurance policies, retirement accounts, and other financial accounts upon your death. These designations override instructions in your will, so it’s important to keep them up-to-date to ensure they align with your overall estate plan.

A Guardian Designation is a provision in your will or a separate legal document where you name someone to take care of your minor children if you pass away. It’s crucial to designate a guardian to ensure your children are cared for by someone you trust, avoiding court-appointed guardianship.

Yes, it’s important to review and update your estate plan regularly, typically every 3 to 5 years, or whenever you experience major life events such as marriage, divorce, the birth of a child, or significant changes in your financial situation. Keeping your estate plan current ensures that it accurately reflects your wishes and circumstances, providing peace of mind for you and your loved ones.