Think estate planning is only for the wealthy or something to do later in life? Think again. This comprehensive guide debunks the biggest myths about estate planning in Colorado—and shows you how to protect your loved ones today.

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Most people believe estate planning is something you do later in life—after you’ve retired, after the kids are grown, or after you’ve built up substantial wealth. But at Legacy Law Group Colorado, we’ve seen firsthand how waiting can cost families far more than they ever imagined—emotionally, legally, and financially.

We work with families across Denver, Greenwood Village, and beyond, many of whom come to us thinking estate planning isn’t relevant yet, or that a downloadable will template is “good enough.” We help them see that estate planning is not about how much money you have—it’s about protecting the people you love, the values you cherish, and the future you want to shape.

Myth #1: Estate Planning Is Only for the Wealthy

This is the most common misconception we hear. Estate planning isn’t about your net worth—it’s about responsibility. If you:

• Own real estate
• Have children or other dependents
• Own a business
• Want your medical and financial wishes honored if you're incapacitated
• Care who receives your assets after you pass

...then you need a solid estate plan. In fact, it’s often teachers, parents, small business owners, and retirees who benefit the most. These individuals have the most to lose if things go wrong.

Many families in Colorado aren’t aware that even modest estates can trigger complicated probate issues, tax questions, or asset disputes. And for unmarried couples, the risk is even greater—because state law won’t necessarily recognize your partner’s rights in the absence of a formal plan. Without an estate plan, your assets could go to distant relatives or be tied up in court proceedings for months or even years.

Estate planning is also a tool to protect more than just wealth. It’s about honoring your wishes—whether that’s who raises your children, how your healthcare is handled, or what happens to your pets or business if something happens to you.

Myth #2: A Will Avoids Probate

This one surprises a lot of people. In Colorado, having a will does not help you avoid probate—in fact, it guarantees your estate will pass through the court system. Probate is:

• Public (anyone can access the documents)
• Time-consuming (months or more)
• Expensive (court fees, attorney fees, executor fees)

It also increases the risk of conflict among heirs. Probate often becomes a battleground for families who disagree on what the decedent "really wanted."

By contrast, a revocable living trust allows for private, streamlined administration of your assets. There’s no need for court involvement if the trust is properly drafted and funded. This is especially beneficial for:

• Parents who want to minimize conflict between children
• Individuals who own property in multiple states
• Families with complex asset structures

We help clients decide whether a will or trust—or both—makes sense for their situation.

Myth #3: Online Forms Are Good Enough

We see this mistake all the time. People download generic templates thinking they’ve “checked the box.” But these forms:

• Aren’t tailored to Colorado law
• Leave out important protections (like incapacity planning or tax minimization)
• Don’t account for unique family dynamics, like blended families, long-term unmarried partners, or business ownership

A generic will won’t guide your family through a crisis. It won’t prevent your minor children from being temporarily placed in foster care. And it certainly won’t help your spouse navigate complex financial decisions after an unexpected death.

At Legacy Law Group, every plan is custom-built to your needs, assets, values, and family structure. Our process includes a comprehensive intake, customized recommendations, and direct attorney support—not just a fill-in-the-blank form.

Myth #4: Estate Planning Is One and Done

Your estate plan should evolve as your life does. Major life events like:

• Marriage or divorce
• Birth or adoption of children
• Buying or selling property
• Moving to another state
• Changes in the law

...can all render your existing documents outdated—or even invalid.

That’s why we created our ongoing Client Care Program. It includes:

• Free annual reviews
• Unlimited plan updates
• Ongoing legal guidance
• Invitations to client-only webinars and estate planning updates

With our program, your plan stays current—so you’re never caught unprepared.

Myth #5: Naming a Guardian in Your Will Protects Your Kids

Not quite. If your legal documents aren’t properly structured or immediately accessible, your kids could be placed in temporary foster care.

Even if you've named a guardian in your will, that doesn't automatically prevent law enforcement or child protective services from intervening in an emergency. That’s why we offer a Kids Protection Plan that goes beyond the basics. It includes:

• Legal documents to name short- and long-term guardians
• Emergency wallet cards for parents
• Instructions for caregivers and babysitters
• Tools to avoid family conflict during emergencies

No parent wants to imagine something happening to them—but failing to plan is the riskiest choice of all.

Myth #6: Business Owners Don’t Need Estate Planning Until Retirement

What happens if you become incapacitated? Who steps in to run your business? Without a clear succession plan, your business could freeze—causing payroll issues, vendor problems, or internal disputes.

Our Business Succession Planning includes:

• Incapacity protocols
• Buy-sell agreements
• Successor selection and training
• Tax-advantaged business transitions

We’ve helped everyone from solo practitioners to multi-member corporations protect their businesses—and the livelihoods of their employees.

Myth #7: Estate Planning Is Only for Death

In reality, your estate plan is most likely to be used during your lifetime, especially if you become ill or incapacitated. With the right powers of attorney and advance healthcare directives, your loved ones can:

• Access your bank accounts to pay bills
• Communicate with doctors and hospitals
• Make informed decisions based on your wishes

Without these documents, your family may need to seek guardianship or conservatorship in court—an expensive, public, and time-consuming process.

Myth #8: Your Will Controls Everything

Wrong again. Assets like retirement accounts, life insurance, and bank accounts pass via beneficiary designations—not your will. If those forms are outdated, your assets may go to the wrong person.

We help review every designation to ensure your plan works together seamlessly. That includes:

• IRAs and 401(k)s
• Life insurance policies
• Bank and brokerage accounts

We also coordinate your real estate and digital assets (including crypto wallets, online accounts, and cloud storage).

Myth #9: Estate Planning Is Too Expensive

While high-quality estate planning is an investment, it’s often far less expensive than probate—which can cost between 3% and 5% of your estate’s value. At Legacy Law Group Colorado, we offer:

• Transparent flat-fee pricing
• Flexible payment plans
• Tiered packages to meet your needs

We believe everyone deserves access to excellent legal guidance—without surprise fees.

Myth #10: Special Needs Planning Isn’t Part of Estate Planning

If you have a child or family member who relies on public benefits, giving them money directly could disqualify them. We help families establish special needs trusts that protect access to SSI, Medicaid, and other essential services, while allowing loved ones to receive financial support.

Special needs planning is complex. We make it simple.

Don’t Forget Real Estate and Digital Assets

From primary homes to vacation properties and rental units, proper real estate titling and trust structuring are essential to avoid tax issues and liability. We also help clients manage and protect digital assets, from investment platforms and crypto to cloud storage and social media.

Why Colorado Families Trust Legacy Law Group Colorado

Attorney Anastasia Fainberg founded this firm with one mission: to provide clear, compassionate legal guidance that’s rooted in real-life experience. Having lived through instability herself, she understands the emotional weight behind estate planning.

We’re not here to sell documents—we’re here to build relationships, protection, and peace of mind.

What You Get with Legacy Law Group:

• Local, Colorado-specific legal advice
• Compassionate, judgment-free consultations
• Custom documents built for your life
• Long-term support through our Client Care Program
• Access to educational tools, webinars, and free estate planning videos

Schedule Your Free Estate Planning Consultation Today

Ready to protect what matters most? Whether you’re in Denver, Greenwood Village, or anywhere in Colorado, we’re here to help you create a plan that’s strong, clear, and built to last.

Schedule your consultation now

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