Estate Planning
Your estate plan is a series of legal documents in which you provide instructions and declarations in the event of your incapacitation or death.
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An estate plan is necessary for anyone who wants to control who receives their assets at death. Without a valid estate plan in place, Colorado’s intestacy laws determine who will receive your estate. For many, this may result in unintended consequences and family strife. Exactly who will receive your assets depends on whether you have a spouse, children, grandchildren, parents, or siblings living at the time of your death. Dying without proper planning can have particularly devastating consequences if you are part of a blended family. Having a well-prepared plan specific to you and your family is a gift to your loved ones.
In addition to the financial piece of your estate plan, Elizabeth will guide you through some of the more emotional topics involved in estate planning. These topics might include unique family dynamics, who to name as guardian of any minor children, who will be responsible for administering your estate at death, and instructions regarding your final remains. Whether working through the financial piece of an estate plan or issues specific to your loved ones, Elizabeth listens to your concerns and educates you regarding your options to prepare a plan unique to your needs.
Every person, regardless of the size of their estate, benefits from having an estate plan in place. An estate plan typically includes your last will and testament, living will, medical and financial powers of attorney, and burial instructions. Some individuals may also have a revocable trust as part of their plan. Your estate plan addresses who will serve as your agent regarding medical and financial issues if you are unable to, directs who will inherit from you after your death, can minimize tax liabilities during your life or upon your death, and identifies someone to administer your estate after your death.
A complimentary call discussing your needs, our process and fees, and talking through your preliminary questions.
An in-depth meeting either in our office or via video conference addressing all aspects of your estate plan, the probate process, or marital agreement.
In preparation for our initial meeting, we provide you with a questionnaire to complete or a checklist of information to gather.
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A complimentary call discussing your needs, our process and fees, and talking through your preliminary questions.
An in-depth meeting either in our office or via video conference addressing all aspects of your estate plan.
In preparation for our initial meeting, we provide you with a digital questionnaire to complete.
We strive to promptly provide you with drafts of your estate planning documents within 2-3 weeks of our initial meeting and schedule a date to sign your documents shortly thereafter.
A will is a legal document that provides instructions for how you want your assets to pass after your death and names who will serve as your personal representative to administer your estate. If you have children, your will also names guardians for your children if they are under the age of 18, includes a trust for the benefit of your minor children, and names a trustee to manage those assets. You can change or revoke your will at any time before your death.
A person who dies without a will or revocable trust is deemed to have died intestate and Colorado’s intestacy laws determine how assets are distributed. For many, this may result in unintended consequences. Exactly who will receive your assets depends on whether you have a spouse, children, grandchildren, parents, or siblings living at the time of your death. For example, if you are single with no children, your assets will be distributed to your parents if they are living.
Similar names frequently result in confusion. A living will is entirely separate from a will. It is an advance health care directive that becomes operational if two physicians certify in writing that you have a terminal condition or are in a persistent vegetative state and you are unable to make or communicate decisions concerning yourself. A living will allows you to direct whether life sustaining procedures and artificial nutrition and hydration will continue.
There are many different types of trusts. A revocable or “living” trust is one common type of trust. A revocable trust provides instructions for how assets are managed during your lifetime and after your death. The person who creates the trust is the “settlor.” The person in charge of managing your trust is the “trustee.” Typically, the person who creates the revocable trust manages the person's own assets during their lifetime. If the initial trustee is unable to manage assets during their lifetime due to incapacity or death, the person named as successor trustee can step in to manage the trust assets.
There are three primary benefits of a revocable trust. First, it may allow you to avoid probate. Second, you can name a successor trustee who can easily step in to manage your trust assets in the event of your incapacity. Third, you can maintain greater privacy at your death. If all your assets are titled in your revocable trust at your death (referred to as a “fully funded” trust), leaving no more than $80,000 (in 2023) of assets in your individual name, you can avoid probate. If you own property outside of Colorado and you title that property in your revocable trust, you can also avoid going through probate in multiple states. A revocable trust, unlike a will, is not filed with the court at your death. Beneficiaries of a trust are only permitted to see the portions of the trust applicable to them.
No. A revocable trust does not avoid federal estate taxes or creditors.
If you move to Colorado or move from Colorado to another state, it is prudent to have your estate plan reviewed. A will that is valid in one state is just as valid in another state. There are, however, other factors that could affect your will. These factors include community property issues, differing rules about the disposition of personal property, local rules regarding spousal and dependents’ rights, and state specific laws regarding your powers of attorney.
