Denver Estate Planning Lawyer
Personalized Support as You Plan for Your Future
Estate planning for an unknown future can be confusing and intimidating. For some, it’s morbid or simply unimportant. Regardless of your age, the size of your estate, and your family's circumstances, creating or updating an estate plan is a practical way to establish your legacy, pass along your dreams, and help those you love. The Harris Law Firm is here to help you with every step.
Our estate planning lawyers serve individuals and families across Colorado in various estate planning matters. Our attorneys work personally with clients and make the estate planning process an understandable and approachable topic. As your partners in estate planning, our Colorado lawyers help you efficiently and effectively achieve your goals.
Call (303) 622-5502 or complete an online form to get started with our estate planning lawyers in Denver.
Estate Planning in Colorado
What is an Estate Plan?
In Colorado, an estate plan is a comprehensive set of legal documents and arrangements designed to manage and distribute an individual's assets and affairs upon their death or incapacity. Estate planning allows individuals to dictate how their assets will be distributed, who will manage their affairs if they become incapacitated, and who will make medical decisions on their behalf. Additionally, estate planning can help minimize taxes, avoid probate, and protect assets for future generations.
Here are some common components of an estate plan in Colorado:
- Last Will and Testament (Will): A legal document that outlines how a person's assets will be distributed upon their death. It may also designate guardianship for minor children and specify funeral arrangements.
- Trusts: Trusts are legal arrangements where assets are held by a trustee for the benefit of beneficiaries. There are various types of trusts, including revocable living trusts, irrevocable trusts, and special needs trusts. Trusts can help manage assets during a lifetime and after death, avoid probate, and provide for specific purposes such as education or charitable giving.
- Durable Power of Attorney (POA): A document that appoints someone to manage financial and legal matters on behalf of the individual if they become incapacitated.
- Healthcare Power of Attorney (Medical POA): This document appoints someone to make medical decisions on behalf of the individual if they are unable to do so themselves.
- Living Will (Advance Directive): A document that outlines an individual's wishes regarding end-of-life medical treatment, such as whether they want life-sustaining treatment to be administered if they are terminally ill or in a persistent vegetative state.
- Beneficiary Designations: Designating beneficiaries for retirement accounts, life insurance policies, and other assets can help ensure those assets pass directly to the intended recipients without going through probate.
- Letter of Intent: A non-legally binding document that provides guidance to executors, trustees, or guardians regarding the individual's wishes for the distribution of personal items, sentimental assets, or other matters not covered in legal documents.
- Guardianship Designations: For parents of minor children, specifying guardianship preferences in case both parents are unable to care for their children.
- Digital Estate Planning: Instructions for managing digital assets, such as online accounts, social media profiles, and cryptocurrencies, after the individual's death or incapacity.
- Business Succession Planning: If the individual owns a business, estate planning can include provisions for the transfer of ownership and management to designated successors.
What Are the Benefits of an Estate Plan?
Having an estate plan offers numerous benefits, providing peace of mind and ensuring that your wishes are carried out both during your lifetime and after your passing. Here are some key advantages of having an estate plan:
- Asset Distribution: One of the primary purposes of an estate plan is to ensure that your assets are distributed according to your wishes after your death. Without a will or trust in place, state intestacy laws will dictate how your assets are distributed, which may not align with your preferences.
- Avoiding Probate: Proper estate planning can help your assets bypass the probate process or minimize the assets subject to probate, saving time and money for your loved ones. Probate can be a lengthy and expensive legal process, but with careful planning, you can streamline the transfer of assets to beneficiaries.
- Minimizing Taxes: Estate planning allows you to implement strategies to minimize estate taxes, gift taxes, and other taxes that may erode the value of your estate. Techniques such as establishing trusts, gifting assets, and utilizing tax exemptions can help reduce the tax burden on your heirs.
- Protecting Beneficiaries: Through trusts and other estate planning tools, you can protect your beneficiaries from creditors, lawsuits, divorce settlements, and irresponsible spending. This ensures that your assets are preserved for their intended purposes, such as education, healthcare, or financial security.
- Providing for Minor Children: Estate planning allows you to designate guardianship for your minor children in the event of your death or incapacity. You can also establish trusts to manage and distribute assets on behalf of minor children until they reach a certain age or milestone.
- Healthcare and Financial Decisions: With advance directives such as healthcare powers of attorney and durable powers of attorney, you can appoint trusted individuals to make medical and financial decisions on your behalf if you become incapacitated. This ensures that your preferences are followed and relieves your loved ones of the burden of making difficult decisions without guidance.
- Maintaining Privacy: Unlike the public probate process, which exposes your financial affairs to the public record, certain estate planning tools such as trusts allow for private and confidential asset transfer. This can protect your family's privacy and avoid potential disputes among beneficiaries.
- Business Continuity: For business owners, estate planning can include provisions for the orderly transfer of ownership and management of the business to designated successors, ensuring continuity and minimizing disruption in the event of your incapacity or death.
Overall, having an estate plan in place provides you with greater control over your assets, protects your loved ones, and ensures that your wishes are carried out according to your specific instructions. Consulting with an experienced estate planning attorney can help you navigate the complexities of estate planning and tailor a plan that meets your unique needs and goals.
HEAR IT FROM OUR CLIENTS
WE'VE HELPED COUNTLESS FAMILIES AND INDIVIDUALS OBTAIN THE RESULTS THEY DESERVE
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“We had a successful conclusion to all of our work this morning. The court commented on the fine work that had been done using a combination of the collaborative process and our independent efforts. I would like to thank the team for your patience with us through what has been a very difficult process for us both.”- Mark
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“The best thing I have done during my contentious, high conflict divorce was to kindly say goodbye to my former attorney and to move forward with The Harris Law Firm. I finally feel like someone is advocating for me.”- David
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“I AM THRILLED and relieved and so ready to move forward. Thank you, everyone, for your hard work on behalf of my sweet daughter. God bless you!!”- Jeni
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“Sangeetha, I want to thank you from the bottom of my heart for all that you did to help me get this settlement. Thank you for trying to keep the hours down on this case. You are truly more than an attorney. In this case somewhat of a super hero. Thanks again.”- Mark
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“Thank you both for everything you have done to help me have my daughter in my life. My family and I deeply appreciate it.”- Paul
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“Dear Angie and Janet, I want to thank you for your incredible help and advice last week as I prepared for my emergency restricted parenting case for protection of my two children.”- Marisa D.
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“I am grateful that you represented me because you are smart, talented, generous and kind, and I want to thank you for being you!”- Rachel
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“I am so grateful for your professionalism”- Linda
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“You have helped my family so much....there are no words.”- M.P.
Estate Planning Services After a Divorce
With decades in the family law business, The Harris Law Firm knows divorce redefines your finances, priorities, and goals.
After untangling your assets from those of a former spouse, it’s a worthwhile endeavor to create or update estate planning. This is both practical, as divorce has likely changed your financial picture and the property you own, and symbolic, as your fresh start can be an excellent opportunity to refocus on yourself and your future.
Whether you’re looking to create a will, establish a trust, or plan for important events in the future, The Harris Law Firm is happy to discuss how we can help. Our estate planning attorneys serve clients statewide from offices in Denver, Englewood, Evergreen, Boulder, and Colorado Springs and are available to arrange a private consultation via phone or videoconferencing.
An Emphasis on Personal Service
Because every situation is unique, we take the time to get to know our clients in Colorado, the legacy they want to create, and the goals they wish to achieve. Our Denver estate planning lawyers explain complex issues in understandable terms, discuss how they work for your situation, and help you explore your options. By making personal service a priority, our clients become a part of the process and feel empowered to make informed decisions about their futures.
Personalized counsel also aids our team in understanding the nuts and bolts of your estate and how to minimize tax burdens best, protect assets from creditors, and relieve your beneficiaries from having to endure the lengthy and time-consuming process of probate, will contests, and other litigated disputes.
With a team of advocates who draw from backgrounds in estate and tax planning, consumer law, elder law, and divorce, The Harris Law Firm has the insight and experience to serve as a guide in your estate planning journey in Colorado.
Our Denver estate planning lawyers believe the best estate plans are the ones you easily understand, have confidence in, and feel comfortable maintaining or modifying. We also believe estate planning should work continually for you and your family, whatever stage of your life.
And while estate planning certainly deals with incapacity and end-of-life decision-making, it can also be about creating an enduring legacy and a better future for those you love.
Call (303) 622-5502 or contact us online to schedule a consultation with our estate planning attorneys in Denver.
The Harris Law Firm Difference
WE CARE ABOUT OUR CLIENTS, OUR TEAM, & OUR COMMUNITY
Since 1993, our commitment has been to provide the best possible client outcomes through compassionate and effective representation. If you are facing a divorce or related family law matter, estate planning or tax issue, please contact our helpful, compassionate, and understanding attorneys to request a legal evaluation or you can submit your information to ask a legal question. We look forward to helping you!
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Our Community
We’re proud to be part of Colorado’s legal and civic landscape and we view service as a responsibility, not a slogan. Through pro bono work, philanthropy, and volunteer efforts, we contribute to the strength, resilience, and well-being of the communities we call home.
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Our Team
We’ve built a culture of collaboration, mutual respect, and shared success. Our attorneys and staff are empowered to grow, supported in their work, and united by a common goal: helping clients move forward with clarity and confidence. Behind every case is a team that brings insight, integrity, and care to everything they do.
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Our Clients
We work with people facing some of life’s most consequential decisions, and we take that responsibility seriously. From day one, we provide thoughtful counsel, clear communication, and a legal strategy tailored to the person, not just the problem. Every case is different, but our commitment to client-centered service never wavers.
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Frequently Asked Questions About Estate Planning
What Documents Are Essential in an Estate Plan?
An essential estate plan for Colorado residents typically includes several key documents. A Last Will & Testament is fundamental, enabling you to outline the distribution of your assets and appoint guardians for minors. Most comprehensive plans also consider trusts, which provide more control and can potentially avoid probate—a time-consuming process. Additionally, a Durable Power of Attorney ensures that someone you trust will manage your affairs if incapacitation occurs. Incorporating a Healthcare Power of Attorney allows designated individuals to make medical decisions on your behalf, while a Living Will outlines your preferences for end-of-life care. It’s crucial to regularly update these documents to reflect life changes, such as a marriage or the birth of a child, ensuring your wishes are always respected.
How Often Should I Review My Estate Plan?
Regularly reviewing your estate plan is critical to ensuring it remains aligned with your current circumstances and goals. We recommend reviewing your plan at least every three to five years or whenever a significant life event occurs, such as marriage, divorce, the birth of a child, or significant changes in financial status. By doing so, you can ensure that your documents, like your will or trusts, accurately reflect your intentions. Furthermore, laws and regulations can change, impacting your estate plan’s effectiveness and tax implications. Consulting with an estate planning attorney will help you navigate these changes and make necessary adjustments to keep your plan up-to-date and effective.
How Can Estate Planning Protect My Business?
For business owners, estate planning is a crucial tool for ensuring smooth business succession and continuity. Without a well-defined plan, your business could face disruptions that may impact its value and viability. An effective estate plan can include buy-sell agreements, which outline how ownership and control will transfer in the event of your incapacity or death. Additionally, establishing a trust to manage business assets can protect against probate and provide operational instructions for your successors. By engaging in strategic planning with our knowledgeable attorneys, you will create a road map that secures the future of your business, its employees, and your financial legacy.
Why Is It Important to Consider Digital Assets in Estate Planning?
In today's digital age, considering digital assets in your estate plan is essential. Digital assets encompass everything from online accounts, cryptocurrencies, and social media profiles to digital memberships and purchases. Neglecting these assets can lead to lost information, financial loss, and privacy concerns upon your incapacitation or death. A comprehensive estate plan should include instructions on accessing, managing, and distributing digital assets to your heirs. Identifying and categorizing these assets, along with including necessary login details, can prevent complications for your loved ones. Our legal team can guide you in incorporating these elements into your estate plan to ensure that all aspects of your digital footprint are handled according to your wishes.