A durable power of attorney allows an agent to continue acting on behalf of a principal—the person creating a power of attorney—following the principal’s incapacity.

A trust and a will are effective estate planning vehicles that can serve similar purposes but differ significantly. Generally speaking, the sole purpose of a will is to outline who will inherit your property after your death and who will administer your estate. Unlike a trust, a will comes into effect only after you die.

In short, no. People who die without a will are said to have died “intestate.” Colorado, and all other states, have enacted statutes that control the disposition of an intestate estate.

There is no legal requirement to hire an attorney to assist you in your estate plan. Just as a person can act as their attorney (pro se), you are legally allowed to prepare your estate plan. However, doing so is a calculated risk.

Yes. While protecting assets is one of the significant goals of estate planning, it is not just for the ultrawealthy.