Estate planning is the process of arranging for the management and distribution of your assets — both during your lifetime and after your death — and for decisions about your health care if you become unable to make them yourself. A good estate plan reduces uncertainty for your family, can minimize taxes and administrative expense, and makes sure the people and causes you care about are provided for the way you intend.
Core estate planning documents
Most complete estate plans include:
- A Last Will and Testament — directs how your property is distributed and names a personal representative (executor) to carry out your wishes; can also nominate guardians for minor children.
- A Durable Financial Power of Attorney — authorizes someone you trust to manage your financial affairs if you become incapacitated.
- A Medical Durable Power of Attorney — names an agent to make health care decisions on your behalf if you cannot.
- A living will / advance directive — states your wishes regarding life-sustaining treatment.
- Trusts — can be used to avoid probate, manage assets for minor or special-needs beneficiaries, or provide other planning advantages.
- Beneficiary designations — retirement accounts, life insurance, and payable-on-death accounts pass by beneficiary designation, not by your will, so these need to be reviewed and kept current alongside your other documents.
Colorado and federal tax considerations
Colorado does not impose a state estate or inheritance tax. On the federal side, the 2025 federal tax law made the federal estate and gift tax exemption permanent at a substantially higher level — $15 million per person for 2026 (up to $30 million for a married couple using portability) — which means the large majority of estates owe no federal estate tax at all. Even so, tax avoidance is only part of a good estate plan; making sure your wishes are clearly documented and your chosen decision-makers are in place matters regardless of estate size.
Why review matters
An estate plan is not a “set it and forget it” document. Marriage, divorce, the birth of a child or grandchild, a move to a new state, changes in your health, or simply the passage of time can all mean your existing documents no longer reflect your wishes or current law.
How we can help
Harper Law Firm works with individuals and families throughout Colorado to build and update estate plans that reflect their wishes, protect their loved ones, and hold up when they’re needed.