The Essentials of Estate Planning in Colorado

Why You Need An Estate Plan in Colorado Springs

Often times in life we don’t plan for the worst. Not because it isn’t important, but because death and incapacity are not scenarios we want to consider. Unfortunately, these scenarios are part of life. We have seen families unexpectedly loose loved ones, with no clear plan in place. During an already challenging and emotional time, stress, unnecessary delays, family conflict, and court involvement are probably the last things you’d wish upon your loved ones.

Estate planning isn’t just for the wealthy in Colorado Springs – it is for anyone who wants to protect their loved ones, maintain control of what happens to their assets, and aim to prevent any unnecessary complications that could arise. Colorado trust attorneys trained in estate planning, like those at Equinox, have a tailored knowledge of state-specific laws and procedures. Their knowledge serves as a guide for those choosing to plan ahead to make the most of their estate planning goals, helping families to avoid probate, added expenses, delays, and conflict.

What Does a Colorado Estate Plan Actually Do?

You might think that setting up an estate plan in Colorado is as simple as making a will, but there is so much more that goes into ensuring you and your loved ones have a plan that works. A well-written and legally binding will, trust, medical power of attorney, and a general durable power of attorney can:

protect your minor children through naming a minor guardian and setting up guardrails for the minor’s inheritance;
guarantee that your assets go to whom you want, when you want, and how you want;
appoint trusted individuals to help manage your well-being and your affairs should you become incapacitated;
provide protection from lawsuits, creditors and a beneficiary’s divorce;
avoid or minimizes the probate process;
help prevent family disputes and confusion and ensure your hard-earned assets stay in the family;
strategically save on taxes and expences;
avoid “living probate” (i.e., conservatorship or guardianship court processes)

Did You Know?

In Colorado, probate court is public and can be time-consuming. If proper planning is not in place, Colorado law has already decided who will inherit your assets, not you.

What Happens if You Do not Have an Estate Plan in Colorado?

If you pass away without an estate plan in Colorado, it is unlikely that any wishes you have expressed verbally or informally will be followed. Colorado intestacy statutes (the default laws surrounding dying without a valid will or trust) will determine who are your heirs and you will have no control over how those assets are distributed. Often times, blended-family members or stepchildren will be overlooked by Colorado statutes, a court – such as those in El Paso County -will become involved, and a lack of a legal heir could eventually result in your assets escheating (going to) the state of Colorado. Those with blended families and unmarried parters are especially vulnerable and could receive nothing, with assets potentially going to unintended relatives.

Why Do You Want to Avoid Probate in Douglas County?

Probate court involves the administration of a person’s estate after their passing. Most people do not realize that in Colorado, a will, like the ones you may find a template for online – even the one you create with an attorney, does not avoid probate. In Probate, judges like those in Douglas County, Teller County, and Lincoln County, will determine the validity of a will (if there is one), administer the estate, name an executor for the estate if there is not one already named, and could appoint whoever they deem fit to be guardian to any minors that do not already have an appointed legal guardian. The process can be lengthy, involving multiple court dates, filing petitions, creditors and taxes being paid off, the assets being inventoried, and the distribution of any assets. Judges do their best, but do not have much time to determine who is the best fit to be guardian of your minor children. If you have a legacy that you wish to protect, avoiding probate may be an important part of fulfilling your wishes.

Finding An Experienced Estate Planning Attorney in Colorado Springs

Even a small mistake can cause large problems if you use an online platform, DIY, or even use an inexperienced or non-specialized lawyer to create your will. You may have a document at the end of the day, but it is not guaranteed to be effective, consistent, or align with your wishes. Laws change. Each individual has a unique situation that needs to be carefully evaluated and strategized. An experienced estate planning attorney is a critical step to protecting you and your family from probate. At Equinox Estate Planning, located in Colorado Springs, our attorneys will work alongside you to create a customized plan that will evaluate not only Colorado’s law requirements, but also your family structure, any potentials risks or vulnerabilities, your hard-earned assets, and ways to implement your long-term goals. Our attorneys will listen to your concerns in a warm and judgement-free environment, offer tailored advice on how to proceed, and can provide straightforward or creative solutions and methods that you are likely unaware exist. Our attorneys are committed to understanding your individual situation and providing the careful, personalized, and comprehensive guidance that you and your family deserve.

Equinox Estate Planning Will Help You Plan for the Expected and the Unexpected

Whether you are planning ahead for the unexpected, or a sudden need has arisen for you to have help from an estate planning attorney, Equinox is here to help. We have a conveniently located office, at Union and Montebello in Colorado Springs, but also provide the options to meet you online, at your home, or even in the hospital. Feel free to call our office at (719) 301-0642 if you have any questions, or schedule a meeting using the link below. Our attorneys are committed to understanding your individual situation and providing the careful, personalized guidance that you and your family deserve. We look forward to meeting you.