Estate Planning Attorney

SOUTH METRO LAW offers comprehensive services to help you plan for the future

and protect your assets. We assist with the creation of wills, trusts, powers of attorney, healthcare directives, and other estate planning documents. Our goal is to ensure that your wishes are honored, your loved ones are provided for and your estate is managed efficiently and tax-effectively.

Estate planning in Colorado, as in other states, is the process of making legal arrangements to manage and distribute your assets and property upon your death or in the event of incapacity. Here's some general information about estate planning in Colorado:

Wills and Trusts:

A Last Will and Testament is a legal document that outlines how you want your assets to be distributed after your death. It can also name guardians for minor children.

Trusts are legal arrangements that allow you to transfer assets to a trustee to manage and distribute according to your instructions. Trusts can be revocable (modifiable during your lifetime) or irrevocable (cannot be modified without permission).

Probate:

Probate is the legal process that validates a will, if one exists, and oversees the distribution of assets. In Colorado, small estates may qualify for simplified probate procedures.

Using trusts and other estate planning tools can help avoid or minimize the probate process, which can be time consuming and costly.

Durable Power of Attorney:

A Durable Power of Attorney allows you to appoint someone to make financial decisions on your behalf if you become incapacitated. It's a crucial part of incapacity and estate planning.

Medical Power of Attorney and Living Will:

A Medical Power of Attorney designates someone to make medical decisions for you if you are unable to do so.

A Living Will (Advance Healthcare Directive) outlines your wishes regarding end-of-life medical care, such as life support and organ donation.

Beneficiary Designations:

Assets like life insurance policies, retirement accounts, and certain bank accounts can pass directly to named beneficiaries, bypassing the probate process. Ensure your beneficiary designations are up to date.

Estate Taxes:

Colorado does not currently have a state estate tax. However, you may still be subject to federal estate tax if your estate is large enough (the federal estate tax exemption threshold changes over time).

Estate Planning for Blended Families:

If you have a blended family (children from previous marriages), estate planning can be complex. Trusts and clear instructions in your will can help ensure your assets are distributed as you intend.

Charitable Giving:

Estate planning can also include provisions for charitable giving if you wish to leave a portion of your estate to charitable organizations or foundations.

Estate Plan Review:

It's essential to periodically review and update your estate plan, especially when major life events occur, such as marriage, divorce, the birth of children or grandchildren, or significant changes in your financial situation.

Consult an Attorney:

Consulting with an experienced estate planning attorney in Colorado is highly recommended. An attorney can provide tailored advice based on your specific circumstances and ensure that your estate plan complies with Colorado law.

Laws and regulations regarding estate planning can change over time, so it's crucial to stay informed and update your estate plan as needed. South Metro Law can help you create a comprehensive and legally sound estate plan that meets your goals and protects your loved ones.