Colorado Springs Estate Planning Attorney
Creating Comprehensive, Customized Estate Plans for Clients in El Paso County
Peakstone Law Group, LLC, is a law practice that has the knowledge and skill necessary to create customized estate plans, wills, and trusts for its clients at an affordable price. Proudly serving Colorado Springs, Pueblo, and the surrounding areas, our attorneys can help you plan for your family’s future.
Too often, we put off planning for tomorrow — until tomorrow arrives. The sad fact is that all of us will pass on and leave loved ones behind. Maybe it will be 10 years from now. But maybe it will be tomorrow. It will happen, and we cannot know when.
When that day arrives, without a plan in place, the State of Colorado decides what happens to your estate, not you, and rarely what Colorado decides for your family is what you would decide yourself. Our lawyers are prepared to help you put together a comprehensive plan that is right for you, your family, and your finances.
Call today to schedule an appointment with a skilled estate planning lawyer in Colorado Springs.
Not Just a Will — A Comprehensive Colorado Estate Plan
At Peakstone Law Group, you don’t get just a simple will. You get a complete plan. While a will is an important estate planning tool, it’s the bare minimum when it comes to communicating your wishes. It also doesn’t offer the same benefits as other tools, like trusts, that can keep assets out of probate and offer some tax advantages.
A comprehensive estate plan addresses other considerations, such as asset protection, caring for dependents, and long-term financial planning.
When you partner with our firm for your estate planning needs, we start with an in-depth discussion of your needs and goals. Of course, this includes financial considerations, such as what assets you have and what you want to do with them.
But it also covers other essential factors, such as identifying potential risks, addressing any fears or concerns you may have, and discussing complex family dynamics that can affect estate planning now and what happens after you pass.
A truly effective estate plan reflects your values and gives you peace of mind that your last wishes are clearly communicated. If you’re ready to create an estate plan or need to update existing documents, the attorneys at Peakstone Law can help.
What Estate Planning Documents Do You Need?
Our estate planning services are tailored to each individual’s needs and budget. They can be made specific for blended families or those interested in planning for charitable donations, but always include the following:
Will, Trust, or Related Appropriate Documents
A will is what most people are familiar with when it comes to estate planning. It’s a legal document that outlines how you want your assets to be distributed after you pass. This is also what gets filed with the probate court.
While a will may be enough for a small estate or if you are planning on leaving everything to one beneficiary, many people can benefit from having other estate planning documents, such as a trust. Assets in a trust don’t have to go through probate.
A trust also offers more flexibility in how assets are distributed, and beneficiaries can generally access their inheritances more quickly than if the assets were included in the will.
General Durable Power of Attorney
A general durable power of attorney permits another person to make decisions on your behalf if you are incapacitated in some way. People often have these documents in place in the event they experience cognitive decline or a condition like dementia as they get older.
However, this can also be a beneficial tool if you experience a short-term medical crisis or are going to be out of the country for an extended period of time.
Without a power of attorney in place, your family may have to go through a longer legal process of asking the court to appoint an agent to be able to manage your financial accounts, handle business matters, or pay your bills if you are unable to do so yourself.
Medical Durable Power of Attorney
A medical durable power of attorney functions similarly to the general POA discussed above, except it deals specifically with medical decisions. It’s common for clients to want one person to make financial decisions but someone else to handle medical care, and a medical POA allows for this separation.
A medical durable power of attorney lets you appoint someone who can make decisions about your medical care and treatment if you aren’t able to.
For example, if you are injured in a car accident and are in a coma, someone will need to be able to make medical decisions on your behalf. Having a medical POA in place ensures there is already a process for this and avoids delays.
Advance Directive for Medical/Surgical Treatment (Living Will)
An advance directive is a legal document that outlines your wishes for your medical care, including end-of-life care. This ensures that your loved ones are aware of your wishes and that your medical providers have what they need to carry those wishes out. It can also provide your loved ones with greater peace of mind, knowing that they don’t have to guess what you would have wanted.
A living will is an important addition to an estate plan because a last will and testament doesn’t include decisions about your medical care and is only read after you’ve already passed.
An advance directive can communicate decisions about your preferred health care providers, preferred medications, and whether you wish to have life support measures, such as resuscitation or artificial nutrition.
Disposition of Last Remains
A disposition of last remains is a specific directive that outlines what you want your loved ones to do with your body after your death. This can include whether you wish to be cremated or buried, where you wish your remains to be placed, and what you want for a service, if anything.
Many people put these instructions in their wills, but the will may not be read until after the funeral arrangements are made. Having a disposition of last remains document ensures that your loved ones have the information they need to set up arrangements quickly without having to make difficult decisions during their time of grief.
Memo Distributing Tangible Personal Property
A memorandum distributing tangible personal property is a document that allows you to list loved ones who should inherit specific property. This can include things like furniture, family heirlooms, or personal jewelry. While these things can be listed in your will, they need to be amended every time you change who should get a specific item.
This can be cumbersome and potentially lead to questions about which version of the will reflects your true and most recent intentions. The memo is easier to update and gives you more flexibility in ensuring your beneficiaries get exactly what you intend.
Letter of Last Instructions
A letter of last instructions isn’t a legal document, but it can be a valuable addition to your estate plan. This is where you can provide information to loved ones that can make the immediate days after your death easier.
Things like account numbers, usernames, and passwords are often included in a letter of last instruction. Contact lists of who should be informed of your passing and the names and phone numbers of any prepaid end-of-life arrangements should also be included.
Having a letter of last instruction can make it much easier for your loved ones to take necessary action after your death without having to hunt through paperwork or get legal permission to access accounts.
As appropriate, an estate plan from Peakstone Law may include:
- Parent’s or Guardian’s Delegation of Powers: If you have children or other dependents, this document allows you to name someone as a caregiver if you are incapacitated or unavailable. It’s commonly used when a parent is traveling, engaged in military service, or dealing with a chronic illness that affects their ability to parent. This is a temporary process and generally lasts a maximum of 12 months before other arrangements need to be made
- Appointment of Guardian: An appointment of a guardian is a legal document that allows a parent to appoint someone to become the legal guardian of any minor children if both parents pass away. In contrast to the delegation of powers above, it is generally a permanent change unless the appointed guardian is unable or unwilling to fulfill their duties
- Agent’s Certification Power of Attorney: This document is an addition to a power of attorney designation that can help facilitate interactions with certain agencies, such as banks or government organizations. The agent makes a sworn statement that the power of attorney document is in effect and that the agent is acting under that authority. This can provide additional reassurance when an agent is handling high-value transactions, such as large cash withdrawals or real estate purchases
In crafting your estate plan, Peakstone Law Group will listen to your goals, look at the assets in your estate, and work with you to determine the course of action that is right for you to keep the transfer of your life’s work to your loved ones as simple and free from estate taxes (death taxes) as possible.
Common Estate Planning Mistakes to Avoid in Colorado
Everyone has different estate planning needs, and what works for one person may not be sufficient for another. Understanding the common mistakes people make in the estate planning process can help you anticipate future challenges and be as prepared as possible.
Failing to Plan for Incapacity
Many people go into estate planning only focusing on what will happen after they pass. But the truth is that many people need help managing their affairs or making decisions for themselves for months or even years before they die.
Without estate planning documents like powers of attorney or an advance directive, it can take family members months to go through the legal processes to get these permissions. In the meantime, your bills could be going unpaid, and a medical team unfamiliar with you or your wishes could be making decisions about your care.
Working with an attorney to ensure you have a plan for future incapacity can ensure that your loved ones have the legal power they need to act on your behalf. It can also provide you with peace of mind knowing that those who care about you the most will be in a position to make decisions.
Using Templated Estate Planning Documents or Vague Language
It’s tempting to use internet templates or boilerplate language for your estate plan, but this is an area where it doesn’t pay to cut corners. These documents may fail to consider less common assets, such as business holdings or digital assets.
Vague language can also leave room for confusion about your wishes and potential disputes between beneficiaries. Working with an attorney ensures every document of your estate plan is tailored to your specific assets, needs, and goals, and can help you think about and prepare for any future challenges or potential family disputes.
Not Updating the Estate Plan
While a comprehensive estate plan should anticipate future needs, it’s not a fix it and forget it thing. Life circumstances change, whether it’s the death or addition of a family member or a falling out with a potential beneficiary, and your estate plan should be updated regularly to ensure it still aligns with your current wishes and goals.
Every time you go through your estate plan, it’s important to consider your assets and whether you need to remove or add any items.
For example, if you sold one of your vehicles or were gifted a new piece of jewelry, these may need to be reflected in your beneficiary designations. It’s also a good idea to look at your end-of-life care and burial instructions to ensure these haven’t changed.
Someone who has remarried, for example, may want to be buried next to their current spouse instead of an ex.
Not Selecting the Right Person for the Role
When clients are choosing who will serve in roles such as executor of the estate or the agent who has power of attorney, it’s common to choose the oldest family member, such as the eldest child, by default. However, this isn’t necessarily the right person for the job.
It’s important to consider the person’s experience and qualifications, as well as their ability to follow instructions they may not necessarily agree with. For example, if you know that you don’t want life-saving measures, it’s probably not a good idea to make someone who is adamantly opposed to a natural death your medical power of attorney.
Remember that these roles don’t have to be filled by family members at all. An attorney can help you evaluate your needs and identify potential candidates who have the qualifications and ability to carry out your wishes.
The Process. . . Completely Pain-Free
Your time is valuable. At Peakstone Law Group, we want to honor your time and busy schedule by streamlining the process as much as possible.
What To Expect Working With An Estate Attorney in Colorado Springs
- At the initial consultation, Peakstone Law will review your financial situation, discuss with you your goals and desires regarding your estate, and recommend a will-based or trust-based estate plan that is best for your situation and goals.
- Once your estate plan is drafted, a second meeting will be arranged for you to review your estate planning documents, and you will sign those documents in front of witnesses and with a notary present. The original documents will then be copied and combined into a dossier, and you will receive a professional, bound dossier of your estate planning documents, as well as copies for your records.
While people typically fear the hassle of properly planning their estate, in most cases, your estate plan can be created from start to finish with only two appointments. At Peakstone Law, we strive to make the entire process as painless and seamless as possible. Call our office at 719-689-8861 to take the first step.
Frequently Asked Questions About Colorado Estate Planning and Probate in El Paso County
How can I protect my estate from high taxes in Colorado?
While Colorado does not have a state estate tax, federal estate taxes may apply. Strategies like establishing a trust, gifting, and planning for Medicaid can help protect your assets.
Is Having a Will Enough for an Estate Plan?
While a will is a critical piece of an estate plan, it’s not enough on its own in most cases. Other tools, such as trusts, and documents, such as powers of attorney and an advance directive, are important to ensure that you’re prepared for any future circumstances.
What Happens If You Die Without a Will in Colorado?
When someone dies without a will in Colorado, any assets are distributed according to the state’s intestate succession laws. The assets generally go to the closest living relatives, such as a spouse or children.
However, this can get complicated if there are children from multiple relationships or other complex family dynamics. Having a will makes your wishes clear and can facilitate a smoother asset distribution process.
How Often Do You Need to Update an Estate Plan?
Your estate plan should be updated any time there is a significant life change, such as the birth of a child or a change in marital status, or when you change your mind about any aspect of your will.
Even if you think no changes need to be made, it’s a good idea to go through your will and ensure everything is how you want it at least every three to five years.
Contact Our Colorado Springs Estate Planning Attorneys Today!
If you or a loved one has limited mobility, we can often come to you. Reach out to our Colorado Springs estate planning attorney to see what arrangements can be made.
Don’t trust the future financial security of your family to the wisdom of the State of Colorado. Let our Colorado Springs estate planning attorneys help you properly plan your estate to care for your loved ones. Call Peakstone Law Group at 719-689-8861 to schedule a consultation to find out how a comprehensive estate plan can benefit you.