Question 1

Do I need a will if I have a small estate in Colorado?

Accepted Answer

Yes, having a will is important regardless of estate size. Without a will, Colorado's intestacy laws dictate how your assets are distributed, which may not align with your wishes. A will also allows you to name guardians for minor children, designate an executor, and specify funeral arrangements. For estates under $88,000 in personal property (the 2026 figure, adjusted annually for inflation), Colorado offers a simplified Small Estate Affidavit process.

Question 2

What is the difference between a will and a living trust in Colorado?

Accepted Answer

A will takes effect after death and must go through Colorado probate court, which can take 6-12 months and is a public process. A revocable living trust takes effect immediately, avoids probate entirely, keeps your estate private, and allows for seamless asset management if you become incapacitated. Trusts are generally recommended for estates with real property, complex assets, or privacy concerns.

Question 3

How much does probate cost in Colorado?

Accepted Answer

Colorado probate costs typically range from $2,000-$10,000+ depending on estate complexity. Filing fees start around $199 for informal probate. Attorney fees, personal representative fees, and appraisal costs add up. Contested probate cases can cost significantly more. A properly funded living trust avoids probate entirely, potentially saving your family thousands of dollars and months of delay.

Question 4

What happens if I die without a will in Colorado?

Accepted Answer

If you die intestate (without a will) in Colorado, state law determines who inherits your assets. Your spouse's exact share depends on which of four statutory scenarios applies—it can be the entire estate, or a base amount (adjusted yearly for inflation) plus a share of what remains, with any balance going to descendants. If you have no surviving spouse or children, assets pass to parents, then siblings, then more distant relatives. Without a will, the court also appoints a guardian for your minor children.

Question 5

How often should I update my estate plan?

Accepted Answer

You should review your estate plan every 3-5 years and after any major life event: marriage, divorce, birth of a child, death of a beneficiary, significant change in assets, moving to or from Colorado, changes in tax laws, or retirement. Outdated estate plans can lead to unintended consequences, family disputes, and unnecessary taxes.

Question 6

Does Colorado have an estate tax?

Accepted Answer

Colorado does not impose a state estate tax or inheritance tax. However, the federal estate tax applies to estates exceeding $15 million per person in 2026 (indexed for inflation, double for married couples). Even below this threshold, proper planning can minimize capital gains taxes, protect assets for future generations, and ensure efficient wealth transfer. Our attorneys help you take advantage of all available tax planning strategies.

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