My clients often tell me that they intended to get their estate plan done sooner, but . . .
A. Your estate plan consists of all the tools by which you communicate your directions and wishes if you become incapacitated or die.
B. The core elements are:
A. Your will is a written document in which you direct:
A. “Nonprobate” assets are controlled not by your will but instead by your beneficiary designation, deed, or other contractual arrangement.
B. Be sure you review these items with your estate planning attorney:
A. Small estate:
We see a lot of advertising telling us that probate is expensive, complicated, and time-consuming and that we must avoid it by having a revocable trust. That may be true in many states, but probate in Colorado is generally more straightforward and less expensive. Court hearings and usually not required, and probate court files are not available to the general public. So, in Colorado, "avoiding probate” need not be the primary reason to spend money on a revocable trust.
However, a revocable trust is often useful and desirable for other reasons, such as: