Estate Planning Comfort Legal
An estate plan should address several key issues, including: 1) guardians for minor children; 2) selection of the administrator of the estate or trust and who will act as a medical or financial agent in the event of incapacity; 3) protection of assets; 4) minimizing will contest risk, court costs, and taxes; 5) business succession; 6) anticipation of problems.
The major types of plans that can be used include: wills, trusts, powers of attorney, and living wills. I will design an estate plan to fit your family's specific needs.
Last Will:
- Distributes property to your loved ones and provides for the payment of debts
- Names guardians for your minor children (born or unborn)
- Specifies your last wishes, including funeral arrangements and (in Colorado) organ donation.
- Does not specify medical wishes (see "Living Will," below)
- Appoints a personal representative ("executor") to administer your estate and insure your instructions are carried out
- Requires court review ("probate"), and becomes a matter of public record
- Goes into effect upon your death, but distributing assets can take several years
- Can be revised or revoked at any time
Living Trust:
- Distributes property to your loved ones--more quickly and privately than a will
- Names guardians for your minor children--if it contains a "pour-over" will provision.
- Does not specify medical wishes (see "Living Will," below)
- Appoints a "successor trustee" to ensure your trust's instructions are followed.
- Does NOT require court review ("probate"), and is NOT a matter of public record.
- Goes into effect immediately after the document is signed and the trust is funded. Assets are distributed much more quickly than with a will.
- Can be revised or revoked at any time, so long as the right to revoke is reserved. Can have an expiration date.
Power of Attorney:
- Appoints an individual to make key legal and financial decisions on your behalf.
- Does not establish guardians for your minor children.
- Does not specify last wishes (see "Will" or "Living Trust" above)
- Does not specify medical wishes (see "Living Will," and "Medical Durable Power of Attorney" below)
- Appoints someone to handle specific legal or financial affairs, according to your specific needs.
- Does NOT require court review and is NOT a matter of public record
- Goes into effect immediately, or upon a specified event (e.g. incapacitation, travel). Dates of duration can also be specified.
- Can be revised or revoked at any time. Duration depends on the type of power of attorney.
Colorado Advance Medical Directives: Under the Patient Self Determination Act of 1990, every adult has the legal right to consent or refuse medical treatment. The following directives are used in that regard:
Living Will (in Colorado: "Declaration as to Medical or Surgical Treatment"):
- Specified wishes for medical care and artificial life support in advance.
- Does not establish guardians for your minor children.
- Specifies your wishes regarding life support and organ donation.
- CPR directive forms should be obtained from the Department of Health.
- Appoints someone to make medical decisions on your behalf if you are unable to communicate your wishes (when accompanied by a Medical Durable Power of Attorney).
- Does not require court review and is not a matter of public record.
- Goes into effect upon incapacitation. In Colorado, two physicians must certify that a patient is terminally ill and has been for a period of no less than 48 hours.
- The withdrawal of artificial nourishment is treated separately and a Medical Durable Power of Attorney should address this aspect.
- Can be revised or revoked at any time.
Medical Durable Power of Attorney:
Appoints an individual to make key medical decisions on your behalf (including cessation of artificial nourishment) in the event that you lack the capacity to do so. A specific type of Power of Attorney (above). It should accompany a Living Will.