Please note: This Q&A pertains only to Colorado law. It is for general informational purposes only and does not address every situation or possbility. For advice regarding your specific circumstances, please consult a reputable estate planning attorney in your area.
. . . I was too busy
. . . I didn’t think I owned enough to bother with it
. . . I could not decide who should get my assets
. . . I did not know how to start or where to get help
. . . I did not want to spend money on it
. . . I did not want to face my mortality or incapacity
Reality check:
Your estate plan consists of all the tools by which you will communicate your instructions and wishes if you become incapacitated or die.
Core elements of an estate plan include:
Your estate plan also includes:
A written document in which:
A financial power of attorney helps you and your successors by:
Keep in mind:
A written document in which:
A medical power of attorney helps you and your successors by:
Keep in mind:
Your medical power of attorney may include the following, or they may be separate documents:
These documents are different from a "Do Not Resuscitate" or "DNR" order. A DNR can only be signed by a doctor.
A written document in which you:
A will helps your successors by:
Keep in mind:
Your will typically does not control all your assets. "Nonprobate" assets are controlled not by the will but by beneficiary designations, deeds, or contractual arrangements.
Be sure to review these items with your estate planning attorney:
Probate in Colorado is less expensive and burdensome than in many other states:
In a trust, you:
An irrevocable trust is created during your life and functions separately from your will.
Variations on the types of trusts described above are often used for specific purposes, such as:
Yes, but . . .
Yes, but . . .
Consider hiring an estate planning attorney if any of the following apply: