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3 types of taxes that may be due during estate administration
Probate proceedings and estate administration can be relatively demanding. The personal representative who oversees the probate process has many different responsibilities. They must secure and properly manage estate assets. They must attend probate court hearings and...
3 medical conditions that could affect testamentary capacity
There are a limited number of legal reasons why people might pursue litigation against an estate. Sometimes, people have reason to suspect that an outside party may have unfairly influenced the estate plan by pressuring the testator when they were vulnerable. Other...
What is the purpose of a trust?
A will is an important document to secure a testator’s legacy. However, complications may arise when an estate plan only has a will, such as probate, challenges and estate taxes. A trust can be made to protect an inheritance. A trust is an arrangement with a grantor...
Preventing sibling challenges when serving as an executor
A personal representative has to make time to attend court hearings as well as locate a will and secure high-value assets. Their obligations can easily last for a year or longer depending on the extent of the estate and the creditor claims that arise. In some cases,...
Naming the right guardian is a key parental responsibility
Becoming a parent means taking on a broad assortment of responsibilities. Parents have the daunting task of keeping a newborn alive. They also have to consistently meet the basic needs of their children. Parents have a legal obligation to provide shelter, nutrition...
Understanding ancillary probate
Ancillary probate is a secondary probate process that occurs when someone owns property in more than one state at the time of their passing. While primary probate is conducted in the state where the deceased resided, ancillary probate may be required for assets...
Beyond the will: Unveiling the power of trusts in your estate plan
When it comes to estate planning, a will is often seen as the cornerstone. But what if there's more to securing your legacy than simply dictating who gets what after you're gone? Enter trusts: versatile legal tools that offer a level of control, flexibility and...
What is a probate asset?
After someone dies, their property may pass to other people. It is common for adults to create estate plans designating specific beneficiaries to inherit their assets. Even if they do not plan ahead, certain family members become their heirs and can inherit their...
Important things to know about wills in Colorado
Creating a will is a crucial step when estate planning. It helps to ensure that your assets are distributed according to your wishes after your death. For residents of Colorado, there are specific considerations and legal requirements to be aware of. In Colorado, a...
What do you need to know about special needs trusts?
Anyone who’s creating an estate plan generally needs to consider how to hand down their assets in a way that benefits their loved ones. For some, an estate plan includes a will, as well as trusts. A trust is a legal entity that holds assets and then passes them down...