Estate Planning Lawyer FAQ’s
What is estate planning?
Estate planning is the process of preparing for two events: death and incapacity. Planning for incapacity means deciding who will manage your finances and make medical decisions if you cannot do so yourself, resulting in documents like a durable financial power of attorney, medical power of attorney, and living will. Planning for death means deciding how your assets will be distributed and who will care for your minor children, through a will, trust, or both.
Who needs an estate plan?
Every adult in Colorado benefits from having at least a basic estate plan. You do not need to be wealthy or elderly to need one. If you have minor children, own property, have a bank account, or have opinions about your medical care, an estate plan protects you and the people you love.
What documents are included in an estate plan?
A complete estate plan typically includes a will, a revocable living trust (if appropriate), a durable financial power of attorney, a medical power of attorney, and a living will (also called an advance directive). Depending on your situation, additional documents such as a HIPAA authorization or special needs trust may also be recommended.
What is the difference between a will and a trust?
A will directs how your probate assets are distributed after death and must go through the Colorado probate court process. A trust holds your assets during your lifetime and transfers them to beneficiaries after death without going through probate. Most complete estate plans include both. All trust-based plans have a will; not all will-based plans have a trust.
Does a trust avoid probate in Colorado?
Yes, if it is properly funded. Assets that are titled in the name of your trust or that name the trust as beneficiary pass directly to your beneficiaries without court involvement. Assets left outside the trust may still require probate, which is why proper funding is a critical step in the estate planning process.
What triggers probate in Colorado?
In Colorado, probate is generally required when a person dies owning real estate in their name alone, or personal property worth more than $86,000 with no named beneficiary. If assets pass through a trust, beneficiary designation, or joint tenancy, probate is typically not required for those assets.
How often should I update my estate plan?
You should review your estate plan every three to five years and after any major life event, including marriage, divorce, the birth or adoption of a child, the death of a named beneficiary or executor, a significant change in assets, or a move to a different state.
How long does the estate planning process take at your firm?
The process typically takes two to four weeks from your first meeting to your signing appointment. At the first meeting, we gather information about your family, assets, and goals. We then draft your documents and send them to you for review at least one week before your signing appointment.
Do you offer discounts?
Yes. The Law Office of Kevin R. Hancock offers discounts to veterans, active duty service members, first responders, nurses, and teachers. Contact us to learn more.
How do I get started?
Call us at (719) 575-9690 during business hours, Monday through Friday 8am to 5pm, or fill out the contact form on our website. We serve clients throughout the Front Range including Colorado Springs, Monument, Pueblo, and Denver.