Knowing the difference between an estate plan vs will is key to protecting your family and your future. A will explains who should receive your property after you pass away. It lets you name a guardian for minor children and choose someone to carry out your wishes. An estate plan goes further. It also prepares for what happens if you become seriously ill or unable to manage your affairs. It can help avoid probate, reduce taxes, and ensure your loved ones are protected with clear, legally binding instructions.
At Baker Law Group, we help Colorado families put these plans in place with confidence. Here’s what you should know before you decide what’s right for you.
What Is a Will?
A will, often called a last will and testament, is a legal document that lets you decide who gets your assets after you pass away. It also allows you to name a personal representative to manage your estate and choose guardians for your minor children. A will gives you control over important decisions and helps avoid confusion or disputes after your death.
- Lists who gets your property when you die
- Names a guardian for your children if they’re under 18
- Appoints someone (called an executor) to carry out your wishes
A will is important, but it only works after you pass away, and it must go through a court process called probate.
Limitations of a Will
A will does not:
- Avoid probate (your family still has to go to court)
- Handle what happens if you’re alive but too sick to make decisions
- Protect your assets from creditors or help avoid estate taxes
- Control certain assets like retirement accounts or life insurance
If you want to avoid these issues, you’ll need more than just a will.
What Is an Estate Plan?
An estate plan is a personalized legal plan that manages your money, property, and healthcare decisions, both while you’re alive and after you pass away. It typically includes documents like a will, one or more trusts, powers of attorney, and advance directives. These tools ensure your assets are directed where you want them to be, and that someone you trust can step in if you’re ever unable to make decisions for yourself.
A proper estate plan can help:
- Avoid probate
- Protect your loved ones
- Plan for medical emergencies
- Make sure your wishes are followed no matter what happens
What’s Included in an Estate Plan?
A solid estate plan often includes the following:
Trusts
Trusts let your assets pass directly to your loved ones without court delays. They’re private, faster, and can save money in the long run.
Powers of Attorney
If you become too sick or injured to make decisions, a financial power of attorney lets someone you trust manage your money, and a medical power of attorney lets them make healthcare decisions on your behalf.
Living Will vs Advance Directive
A living will is a type of legal document that explains what kind of medical care you want—or don’t want—if you’re seriously ill and can’t speak for yourself. It usually covers end-of-life decisions like life support or resuscitation. An advance directive is a broader term that includes a living will along with other instructions, like naming someone to make medical decisions for you if you’re unable to do so.
Beneficiary Designations
Some assets, like retirement accounts or life insurance, don’t follow your will. Instead, they go to the person you named on the account. Your estate plan makes sure these are up to date and in line with your goals.
Guardianship Documents
If you have minor children, you can legally name who will care for them if something happens to you—no guesswork or family fights.
Why an Estate Plan Is Better Than a Will
Having a will is a good start. But if you want to avoid stress, confusion, and court battles, a full estate plan gives you and your family the best protection. It saves time, money, and heartache later.
A full estate plan gives you:
- More control over your legacy
- Legal protection if you become disabled
- A smoother process for your family after your death
- Fewer taxes and fees
- Less time in probate court
Work with a Denver Estate Planning Lawyer Who Gets It Right
At Baker Law Group, we help Denver residents take the guesswork out of estate planning. Whether you just need a simple will or a full estate plan with trusts and powers of attorney, we make the process easy, affordable, and personal.
We’re located right here in Denver, and we’ve helped hundreds of families protect their futures.
Ready to get started?
Call (303) 862-4564 or contact us online to schedule your consultation today.
Don’t wait until it’s too late. A complete estate plan can save your family thousands and protect everything you’ve worked for. Let Baker Law Group, PLLC help you build an estate plan that works.
