Estate Planning & Wills
An estate plan decides who receives what you own, who cares for your children, and who makes decisions for you if you cannot. Without one, Colorado law and a court decide for you. It is not just for people with a lot of money or property.
We meet with individuals, couples, families and business owners in Greeley and across Colorado, and build a plan that fits, whether that is a simple will, a trust or something more involved.
What a plan can cover
- Who receives your money, property, life insurance and business interests
- Who raises your minor children if you cannot
- Who makes medical and financial decisions if you become ill or incapacitated
- Passing a business or farm to the next generation (see business law)
- Protecting assets for future generations and from creditors
- Charitable giving, and keeping taxes as low as the law allows
The documents in an estate plan
- Will. Names who receives your property at your death, and who handles your estate.
- Trust. A trustee holds property for your beneficiaries on the terms you set. A trust can avoid probate and control when and how heirs receive what you leave them.
- Durable power of attorney. Names an agent to handle your finances, and says when and how they can act.
- Medical power of attorney. Names an agent to make health care decisions if you cannot.
- Living will. Records the treatment you would or would not want if you cannot speak for yourself.
- Appointment of a guardian for minor children. Says who you want to raise your children if you die or are incapacitated.
Trust administration
When someone who created a trust dies or becomes incapacitated, the trustee takes over: gathering the trust's property, keeping the beneficiaries informed, paying debts and taxes, and distributing what is left as the trust directs. It is a legal duty, and mistakes can make a trustee personally responsible. We guide trustees through each step, and help beneficiaries who have questions about how a trust is being handled. When there is no trust, the estate usually goes through probate.
What to bring to your first meeting
- A list of what you own and what you owe, roughly
- Any existing will, trust or powers of attorney
- The beneficiary designations on your life insurance and retirement accounts
- The names of the people you might choose as guardian, agent or personal representative
Estate planning questions
Do I need a trust, or just a will?
Many people need only a will and powers of attorney. A trust helps if you want to avoid probate, own real estate in more than one state, have children who should not inherit everything at 18, or want more control over how your property is used. We will tell you honestly which one fits.
Does my will control my life insurance and retirement accounts?
Usually not. Accounts with a named beneficiary, and property owned jointly with a right of survivorship, pass directly to that person, whatever your will says. Keeping those designations current is part of the plan.
How often should I update my plan?
Review it every few years, and after any big change: a marriage or divorce, a birth or death in the family, a move to another state, or buying or selling a business or land.
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Our lawyers will review your case details and give you a clear plan for how we can help. Based in Northern Colorado, we represent clients along the entire Front Range and across Colorado. Call our law firm or send an email to talk to a professional and understanding attorney.