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If you live in Denver, you might assume that estate planning is only for the wealthy or elderly—but that’s a myth. Estate planning is for anyone who wants to protect their assets, loved ones, and future. Whether you’re single or married, a homeowner or renter, a parent or not, having an estate plan can save your family time, money, and stress down the line.

In this post, we’ll break down what estate planning actually involves in Colorado, why it matters, and how a Denver estate planning lawyer can help you create a plan that fits your life.

What Is an Estate Plan?

An estate plan is a collection of legal documents that outline how you want your assets handled if you become incapacitated or pass away. While many people think a “will” is the only document you need, a comprehensive estate plan can include: a Last Will and Testament, a Revocable Living Trust, Durable Financial Power of Attorney, Medical Power of Attorney, Living Will (Advance Directive), Beneficiary designations, and Guardianship designations (if you have minor children). Each piece plays a different role in protecting your estate, your health decisions, and your loved ones.

Why Estate Planning Matters in Colorado

1. Avoiding Intestacy Laws

If you die without a will in Colorado, your estate goes through intestate succession. That means the courts decide who inherits your property based on state law—not your preferences. For example, if you’re unmarried with children, your kids may inherit everything, even if you intended to leave something to a partner or friend. Creating an estate plan allows you to stay in control of what happens to your assets.

2. Protecting Your Family and Loved Ones

Without an estate plan, your loved ones may face delays, expenses, and even legal disputes during probate. A well-prepared plan ensures your assets transfer smoothly and according to your wishes. If you have minor children, you can also name guardians to avoid the court appointing someone you wouldn’t have chosen.

3. Planning for Incapacity

Estate planning isn’t just about death. If you’re ever in an accident, have a stroke, or develop dementia, you’ll want someone you trust to handle your finances and make medical decisions on your behalf. A financial and medical power of attorney lets you designate that person in advance, preventing confusion and costly court proceedings.

Do I Really Need an Estate Plan If I Don’t Own Much?

Yes. Estate planning is not just for the wealthy. Here’s why: bank accounts, cars, and retirement plans all need to be transferred properly, regardless of value. If you have children, you’ll want to appoint guardians and maybe set up a trust. Powers of attorney and healthcare directives are essential regardless of your assets. You can avoid probate delays with simple planning—even for modest estates. Even if your estate is relatively small, planning now can prevent unnecessary costs and burdens for your family later.

Colorado-Specific Estate Planning Rules to Know

1. Simplified Probate for Small Estates

Colorado offers a simplified process if the total value of your estate (excluding real estate) is under $80,000 (as of 2025) and there’s no real property. Your heirs may be able to claim property using a small estate affidavit rather than going through formal probate.

2. Joint Tenancy with Right of Survivorship

Colorado recognizes joint ownership with right of survivorship. That means assets like a jointly owned home may pass automatically to the surviving owner without probate. However, this only works in limited circumstances and doesn’t replace a full estate plan.

3. Advance Medical Directives

Colorado law allows you to create a Living Will (sometimes called an advance directive) that outlines your preferences for life-sustaining treatment if you’re unable to communicate.

4. No State Estate Tax

Colorado currently does not have a state-level estate or inheritance tax. However, federal estate tax may still apply for very large estates (typically over $13.6 million in 2024). Still, estate planning can help reduce tax exposure if needed.

Life Events That Should Trigger Estate Planning

Even if you’ve never thought about an estate plan before, certain life events should be a wake-up call: buying a home or property in Denver, getting married or divorced, having or adopting children, starting a business, receiving an inheritance, relocating to or from Colorado, experiencing a major health issue, or losing a loved one. A Denver estate planning lawyer can help you review and update your plan as your life evolves.

Common Mistakes to Avoid

Even well-meaning individuals can make estate planning missteps. Some of the most common include: DIY wills that aren’t legally valid in Colorado, failing to name alternate beneficiaries or executors, not updating documents after a divorce or remarriage, forgetting to fund a living trust, overlooking digital assets (bank logins, crypto, online accounts), and failing to plan for incapacity. Working with an experienced estate planning attorney helps you avoid these pitfalls and ensures your documents hold up under Colorado law.

How a Denver Estate Planning Lawyer Can Help

While there are many online templates and DIY options out there, estate planning is not one-size-fits-all. Laws vary by state, and your specific family situation matters. Here’s what a local Denver estate planning lawyer can do for you: review your goals and recommend the right documents, draft custom wills, trusts, and powers of attorney, coordinate with your financial advisor or accountant, ensure your plan complies with Colorado statutes, help you avoid probate when possible, and assist with updates over time. Having a professional guide you through the process gives you peace of mind that your family will be protected and your wishes will be honored.

Final Thoughts: Estate Planning Isn’t Just About You

Estate planning isn’t just a financial tool—it’s a gift to your loved ones. It helps them avoid stress, delays, and legal confusion during an already difficult time. Whether you’re 30 or 70, it’s never too early (or too late) to start planning. If you’re ready to protect what matters most, a Denver estate planning lawyer can help you build a personalized, legally sound plan. From drafting essential documents to creating a trust for your children, you don’t have to figure it out alone.

Need Help With Estate Planning in Denver?

At Baker Law Group, PLLC, we help Denver families and individuals create estate plans that work. Whether you’re just starting out or need to update an old will, our team is here to guide you with clear answers and compassionate support. Contact us today to schedule a consultation with a trusted Denver estate planning lawyer.