Estate Planning & Probate in Colorado
Does the English language contain a word scarier than “probate?” Of course it does, but a lot of Estate Planning attorneys will tell you otherwise.
If you’re not familiar with the term, “probate” refers to the legal process a court uses to sort out someone’s assets and debts after they’ve passed away. In essence, it involves (1) cataloging what the deceased owned, (2) determining what debts they still owed, (3) using their assets to pay off those debts, and (4) distributing whatever remains to their heirs or beneficiaries. Many people find the idea of probate intimidating for four main reasons: it can take quite a while, it can cost a lot, outcomes can be uncertain, and the process is public. We don’t believe probate should be something to fear — it can be a practical and orderly way to settle an estate. Still, there are often quicker, more private, and more cost-effective ways to accomplish the same goal.
One approach is to create a straightforward Will. A Will doesn’t prevent probate, but it gives the Court a clear roadmap of your wishes, helping to minimize confusion, disputes, and costs. Our firm provides an affordable Will Package that includes a Last Will and Testament, a Living Will and Medical Power of Attorney (for healthcare decisions if you become incapacitated), a Statutory Power of Attorney (for financial matters), and a Declaration of Last Remains. For many people, this set of documents offers peace of mind and helps ensure their loved ones are cared for when the time comes.
Another option is establishing a Living Trust. To be clear, not everyone needs one. If you don’t have major assets, have significant debt, or expect little conflict over your estate, a Will alone may suffice. However, for individuals with substantial property, detailed inheritance wishes, or a desire for privacy, a Living Trust can be a powerful solution. It allows assets to pass directly to beneficiaries without the delays, costs, or public exposure of probate.
If you’re thinking about planning your estate, we invite you to reach out. Our team will take the time to understand your specific goals and circumstances, then guide you toward the plan that best fits your needs.