5 Reasons to Have a Colorado Estate Plan
Without a comprehensive Colorado estate plan, the state of Colorado will control the following –
- Without a Colorado Living Trust or Colorado Will, Colorado law controls who receives your assets and when;
- Without a Living Trust or Financial Power of Attorney (General Power of Attorney), a Colorado Conservatorship proceeding is required and the judge will determine who handles your financial affairs when you are unable to do so;
- Without a Medical Power of Attorney or Living Will, a Colorado Guardianship court proceeding is necessary to have a Guardian appointed to make your medical or end of life decisions for you;
- Without a Will, Colorado law will determine who takes care of your minor or dependent children;
- Without trust provisions as part of your estate plan, your assets will be included in your heirs estates and potentially subject to an estate tax;
One bonus…without a properly drafted Colorado Trust as part of your estate plan, the assets your heirs receive will likely be subject to their creditor claims.
The content of this website is for informational purposes only. As such, it should not be taken as legal advice for any individual case or situation. It is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.