Most Important Estate Planning Documents

Medical Durable Power of Attorney: (also known as Medical Power of Attorney or Health Care Power of Attorney):  This document is a contract where the maker (principal) designates another (agent) to make medical decisions.  Generally, having a Medical Durable Power of Attorney will avoid the need for a court proceeding known as Guardianship.

Living Will:  This document is a direct statement from the maker to the health care provider that directs the health care provider to terminate life sustaining procedures under specific circumstances.  The end of life decisions contained in a Living Will can be contained in a Medical Power of Attorney.

General Durable Power of Attorney (also known as General Power of Attorney or Financial Power of Attorney):  This document is a contract where the maker (principal) designates another (agent) to make financial decisions including but not limited to bill paying.  Generally, having a General Durable Power of Attorney will avoid the need for a court proceeding known as Conservatorship.

Will:  The Will is a special document that designates the individuals who are to receive a deceased person's property and designates the person who will be in charge of the process (personal representative also known as executor or administrator).  The Will can serve to designate a Guardian for a minor and establish different types of trusts.  A Will is a roadmap for probate and not a probate avoidance tool.  If you have probate property and no Will, the statutes for the state where you live will determine what happens to your property (intestate succession).

Revocable (Living) Trust:  This document can be used to manage assets during the lifetime of the maker (settler, grantor) just like the General Durable Power of Attorney.  This document is also used as an alternative to a Will in order to avoid probate.  The benefits of avoiding depends on the laws in the state where you live and personal factors such as a need for privacy and owning real estate in multiple states.  Generally, Coloradoans do not need to avoid probate because our probate costs are low compared to other states such as California, Florida, and New York.

Colorado specific brochures are available on the Colorado Bar Association's website at:  https://www.cobar.org/For-the-Public/Legal-Brochures

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