| When it comes time to consider Colorado estate | | | | Attorney and a Medical Power of Attorney. These |
| planning, many people can procrastinate without | | | | two documents are only effective while one is alive. |
| understanding the consequences of their delay. No | | | | They grant a person control of financial and medical |
| one is truly comfortable thinking about what happens | | | | affairs in the case of disability, a coma, or any |
| in the case of injury, disability, or even death, | | | | circumstance that would prevent you from making |
| especially if young children are involved. However, | | | | your own decisions. Each document helps prevent |
| one of the best ways to achieve peace of mind is to | | | | the expense of a court proceeding to determine who |
| have a complete estate plan in place to make sure | | | | is allowed to manage your financial and medical |
| your family is taken care of when the time comes. | | | | decisions when you are unable to do so. |
| There are five primary documents when it comes to | | | | Colorado Living Will |
| Colorado estate planning, ranging from a Will to a | | | | The Living Will, also known as an advanced medical |
| Power of Attorney. Let's take a moment to look at | | | | directive, is used to officially state, in advance, |
| these five documents that help us make sure our | | | | whether one wants to refuse or terminate the use |
| families are taken care of. Laws can vary by state, | | | | of artificial life support should the situation arise. This |
| so it's important to have each document drawn up | | | | document also allows an individual to state in advance |
| by a local attorney who's familiar with each state's | | | | whether he or she should receive food and water in |
| regulations and guidelines. | | | | the event the Living Will is in effect. By establishing |
| Colorado Wills | | | | your desires in advance, it helps remove such burden |
| The Will is what many people think in terms of | | | | from your family's shoulders. |
| complete Colorado estate planning. This document | | | | Colorado Living Trust |
| primarily addresses three important questions, but | | | | A Living Trust, also known as a revocable trust or |
| only comes into effect upon one's death. First, it | | | | revocable living trust, is an alternative to the standard |
| designates who controls the administration of one's | | | | Will. It is a tremendously flexible document that can |
| estate after someone passes away. Second, it | | | | provide for the management of one's assets while |
| establishes who receives the assets. Third, it | | | | alive and upon his or her passing. This method of |
| designates legal guardians and conservators to handle | | | | estate planning enables exceptional control over one's |
| the medical and financial decisions if there are any | | | | assets. If drafted properly, it limits or eliminates |
| surviving minors. This document is vital in securing the | | | | certain taxes and offers a tremendous degree of |
| foundation of your final matters if you do not have a | | | | asset protection for one's heirs should they ever get |
| Revocable Living Trust. | | | | divorced or have other creditor problems. |
| Colorado Power of Attorney: Medical and Financial | | | | These five documents cover several of life's |
| There are two main types of power of attorney | | | | circumstances and should be a part of everybody's |
| documents everybody needs: a Financial Power of | | | | base estate plan. |