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.
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