Many people think of estate planning as simply creating a Will. But in fact, having medical and general powers of attorney for when you are still living is as important as having a Will to say what you want done with your money and property after you die.
A whole industry has developed to scare people into purchasing a “Living Trust” for fear of the cost of probate, which is minimal in Colorado. Do not be fooled. Speak with an attorney about your concerns, which may be simply and economically addressed.
While it is generally helpful and thoughtful for people to establish a last will and testament, not having one is not necessarily tragic. If a person dies without a will, or “intestate,” their property is distributed per statute to spouses or children or parents or siblings.
The information provided here is general information and does not create an attorney-client relationship. The facts of your specific situation will determine the accuracy and effectiveness of legal advice. You should always consult an attorney prior to taking action that can affect your legal rights.
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