Colorado Springs, CO Estate Planning
Estate planning involves various legal strategies, including wills, revocable living trusts, irrevocable trusts, durable powers of attorney, and healthcare documents. Many new clients think they don’t have an estate plan.
Yet, they’re often surprised to learn that without their legal plans, their estate will be divided after death according to Colorado’s intestacy laws. This default division may not reflect their personal wishes. By creating a comprehensive estate plan, you ensure that your desires, not the state’s default rules, dictate how your estate is distributed. Start this process by partnering with an estate planning attorney in Colorado Springs, CO, to design your unique estate plan.
Estate Planning: Vital For Safeguarding Your Legacy
Estate planning is vital for safeguarding your legacy and ensuring your intentions are respected. In Colorado Springs, CO, our Help lies in helping you navigate this important journey. A critical element is your last will and testament, a fundamental part of estate planning. Without a will, Colorado’s intestacy laws will determine how your assets are distributed, often not according to your preferences. Here’s what you need to know about wills:
Authority of Wills:
Wills and Probate:
Guardianship and Wills:
Especially for parents with minor children, a will is crucial for appointing guardians. Without it, you risk family disputes and potentially unsuitable guardians for your children.
Powers of Attorney:
In estate planning, a power of attorney is key. It allows someone else to make decisions for you, depending on its terms. It’s important to know:
- Scope and Limitations: Powers can be broad or specific. All powers of attorney end at the maker's death and may cease if the maker becomes incapacitated, unless it's a durable power of attorney.
- Durable Powers of Attorney: To maintain decision-making power during incapacity, a durable power of attorney is crucial. Regular updates are recommended for its ongoing acceptance by financial institutions.
Health Care Documents:
Decision-Making Authority:
Life-Prolonging Measures:
Medical Information Access:
Book A Call
If you are in need of an estate plan, need help updating one you already have or have a case that’s in probate, please book an initial call with our law office today!