Estate Planning Attorneys in Colorado

An estate plan is how you protect your assets during your lifetime and pass your legacy on to your loved ones when you pass away. If you do not have an estate plan, the default Colorado laws decide how these important matters are resolved, which may not align with your interests. Common estate planning documents include a Last Will & Testament—i.e., a will—power of attorney and trust. These documents give instructions to your attorney, loved ones, medical team, and others about how you would like to organize your affairs and who you are allowing to make decisions on your behalf. 

The Colorado estate planning attorneys at Martin & Reed, LLC, provide personalized legal guidance to people as they create a strategy to protect and pass on their wealth. We understand how critical it is for people to have clear, legally sound instructions in place for what happens if they die or are incapacitated. From protecting business owners’ assets during a divorce to developing effective estate plans, we stand by those in Colorado who need our help. 

What Is an Estate Plan?

An estate plan is a set of instructions about how someone would like to organize their affairs in the event of their death or incapacity. An estate plan can also be a way to protect and grow someone’s assets. 

Some features of an estate plan go into effect immediately—like a living trust—while others—like a will—are carried out when someone passes away. These types of plans can be helpful for loved ones, medical professionals, and others to understand what someone’s wishes are in different circumstances. 

Different Types of Documents in an Estate Plan

An estate plan can involve many different types of documents, including:

• Will 
• Trust
• Power of attorney

Each of these serves various functions in someone’s life. For example, a power of attorney for healthcare tells someone’s family and medical team about who is in charge if they are in a coma. Additionally, a trust can hold assets and pay out income to a child with a disability. 

When Do I Need a Will, and What Happens If I Don’t Have One?

A will describes what someone—the testator—would like to happen to their assets after they die. For example, the testator would say who they would like their property to go to and who they would like to carry out the will’s instructions. If someone does not have a will, Colorado’s default rules would determine what happens to their assets instead. 

While it is best to create a will as early as possible, the most important thing is to have one, regardless of when that occurs. Having a will can give you peace of mind in knowing your loved ones will know what your wishes are after you pass away. The process of creating one can also help you think about and plan to grow your legacy and decide how to pass it on. 

What Is a Trust, and Why Would I Need One?

A trust holds property on behalf of someone else. Just like a real person, a trust can own bank accounts, land, investments, and other assets. There are many different types of trusts, like living, irrevocable, and land trusts. Someone can move money or property into a trust when they create it, or they can have the property transferred into it when they die. 

Some trusts cannot be changed after they are made, but others can be. Additionally, trusts can serve different purposes. For example, someone can use a trust to hold assets for minor children until they are adults. Or, they can create a trust to provide long-term financial support for a loved one with a disability. 

What Are the Different Kinds of Power of Attorney Forms?

A power of attorney gives someone the authority to take different actions on behalf of someone else if an event occurs. There are two main types of power of attorney forms: one for healthcare and another for property.

Power of Attorney for Healthcare

A POA for healthcare gives someone permission to make medical decisions on their behalf under specific circumstances. For example, a POA for healthcare may allow a spouse to decide to keep the person on life support if they are in a coma. 

Power of Attorney for Property

A POA for property allows someone to make decisions about someone’s assets on their behalf under specific circumstances. For example, someone can give another person the authority to carry out a real estate transaction on their behalf while the other person is undergoing surgery. Or, it can provide an adult child with permission to help an aging parent with their financing. 

How Do I Create an Estate Plan in Colorado?

You can create an estate plan in Colorado by deciding what your purpose is for having one. Taking this step can help you decide what kinds of documents you might need to have. 

For example, if you have young children, you may want to create a will and use it to fund a trust to provide for your children when they are older. If you are about to have a serious operation, it may be a good idea to also put together a will and power of attorney forms. An attorney in Colorado can help you decide what documents would be helpful for you to have based on your unique situation.

Can I Change My Estate Plan After I Create One?

You may be able to change your estate plan after you create it; however, it depends on what types of documents you have in place. For instance, you may be able to change your will, revocable trust, or power of attorney forms. However, if the document is irrevocable or you are incapacitated, you may not be able to modify parts of your estate plan. If you have an estate plan and want to make changes to it, an attorney can help you figure out how you can accomplish this. 

How Can an Attorney Help With My Estate Plan?

When creating or modifying an estate plan, it is crucial to understand the full legal impact of the documents you are writing or signing. An attorney can have an in-depth conversation with you about your priorities and goals, your assets, and what (if any) estate plans you have in place. They can review your existing documents or write new ones for you to assist you with carrying out your goals. If you need to make changes to or completely cancel one of your legal documents, they can also help you with this. 

When Should I Hire an Estate Planning Attorney in Colorado?

Ideally, hiring an attorney to help with your estate planning goals early on is best. However, someone can benefit from legal counsel at any stage of the process. An attorney can read through your documents and tell you what the terminology means. They can also suggest changes or different legal documents—like a trust—to help you preserve and pass on your assets or support your loved ones. 

Martin & Reed, LLC: Reputable Estate Planning Attorneys in Colorado

An estate plan can give you peace of mind and give your family the gift of clarity if something happens to you. Additionally, estate plans can also be part of a wealth strategy to help grow your assets during your lifetime and provide long-term financial support to your loved ones. 

Martin & Reed, LLC, has served those in Colorado for many years, helping them to organize their affairs and resolve many different types of legal disputes. Bradley Martin has over 19 years of experience—which includes a nationally televised jury trial—and is dedicated to his client-centered philosophy. Contact our office today by submitting an online form or calling (970) 539-9377 to schedule a time to discuss your estate planning needs.