It is rarely too early to start estate planning. In Colorado, an adult 18 or older of sound mind can make a will. Many people start at 18 or after a life event such as a new job, a home purchase, marriage, or a child.
Here is why timing matters and which events signal it is time to begin or update your plan.
Why Starting Early Matters
A plan controls who receives your property and who acts for you, and the difference between a will and a trust helps you choose the right tool. Colorado sets the minimum age for making a will at 18 and requires sound mind.1
Without a will, an estate passes by intestacy. For someone with no spouse or designated beneficiary, that means descendants first, then parents, then other relatives.2
Life Events That Call for a Plan
- Turning 18: a power of attorney lets a trusted parent step in if needed.
- Buying a home or building savings.
- Marriage or a committed relationship.
- Having or adopting a child.
- Starting a business or taking on major debt.
Naming a Guardian for Your Children
A parent can appoint a guardian for a minor child by will. That appointment does not override the other parent’s rights, and a child 12 or older must consent to the appointment.3
Starting early is simpler than starting in a crisis. Johnson Law Group offers a no-pressure consultation to build a first plan, so schedule a consultation when your next life event arrives.
Powers of Attorney for Young Adults
A financial power of attorney lets someone you trust handle money matters if you cannot. A power of attorney made on or after January 1, 2010 is durable unless it says otherwise.4 Advance health care directives cover medical decisions.
Talk With a Colorado Estate Planning Attorney
An early plan is easy to update and far better than no plan at all. Johnson Law Group is here to help.
The attorneys at Johnson Law Group help clients at every stage start and update estate plans and will give you a clear read on your options. Schedule a free consultation through our Colorado offices, and we will serve as your North Star from here.
Sources
[2] C.R.S. § 15-11-103(2)-(4) – Intestate shares of heirs other than a surviving spouse or designated beneficiary | https://colorado.public.law/statutes/crs_15-11-103
[3] C.R.S. § 15-14-202 – Appointment of guardian by will; parental rights not superseded; consent of minor 12 or older | https://colorado.public.law/statutes/crs_15-14-202
[4] C.R.S. § 15-14-704 – Power of attorney is durable unless it provides otherwise | https://colorado.public.law/statutes/crs_15-14-704