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3 key details that affect the usefulness of powers of attorney
Testators (those putting together estate plans) in Colorado frequently aim to keep things as simple as possible but that approach might leave them without adequate protection. Just having a will, for example, might mean that someone does not have the right support if...
Is a will invalid if a testator lacked testamentary capacity?
Probate litigation only affects a small number of the total estates that pass through Colorado probate courts each year. Oftentimes, the probate courts only need to provide guidance and oversight to ensure that the administration of an estate adheres to state laws and...
3 ways Colorado testators can keep certain assets out of probate
In its simplest form, a Colorado estate plan might only contain a will, which serves to name a guardian for young children and to name beneficiaries for specific assets. When someone with a will dies, that document will likely determine what happens with their...
What does it mean to die intestate?
When an individual passes away without leaving behind a will, the legal term for this scenario is dying intestate. Dying intestate can result in numerous complications regarding how the deceased's assets and property get divided among surviving loved ones. A...
Sibling rivalry can lead to estate disputes
Sibling rivalry often starts when children are young and are competing for the attention of their parents. In some cases, people may feel like one of their siblings was the favorite. Rather than working together within their family unit, they feel like they’re...
3 kinds of taxes that can reduce the value of a Colorado estate
Individuals planning their estates, adults tasked with probate administration and expectant beneficiaries anticipating an inheritance all have an interest in preserving as much of a testator's wealth as possible. Estate administration costs and personal debts are...
If your parents pass away with debt, do you have to pay it?
When your parents pass away, they name you as the estate administrator. You review their estate planning documents, and you are in charge of the process of distributing their assets. You also inform beneficiaries about their passing, distribute copies of the will and...
Who can challenge a will?
When an estate plan is challenged, someone contests that they do not believe that the plan should be honored as it has been written. Maybe they think that the will was fraudulent. Perhaps they think that it was only created the way it was because of undue influence....
Estate planning components you should consider
All adults need to take the time to create an estate plan, but some are uncertain of where to start. Before you try to get your affairs in order, you need at least a basic understanding of what an estate plan can do and the tools you have available to make them...
When can you remove a trustee from a trust?
When your loved one named a trustee to manage the assets in the trust that was designed to benefit you, they picked someone they believed was both honorable and capable of doing the job. Were their hopes misplaced? It happens. Sometimes, for example, a family member...