A comprehensive estate plan can help to protect someone’s interests if they experience sudden medical challenges. It can also provide support for vulnerable family members. Those who invest in the creation of wills, trusts, powers of attorney designations and other...
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Estate Planning
What are irrevocable and revocable trusts?
Trusts are critical instruments in estate planning that serve distinct purposes and offer different benefits. Understanding the two primary types of trusts is crucial for effective estate management and ensuring that assets are distributed according to one's wishes....
Who should manage a supplemental needs trust in Colorado?
Those who have family members with special needs have to think carefully about decisions that others may take for granted. For example, estate planning is often a very simple process for many adults in Colorado. They create an inventory of their resources and personal...
Critical estate planning components
Many people know about the general importance of having an estate plan, yet many (understandably) don't understand the diverse elements that can potentially help an individual to construct one. When approached in a comprehensive fashion, an estate plan can serve as an...
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...
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...
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...
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...
What is the effect of claims of undue influence in probate court?
For many families, the reading of someone's will is merely a technicality. The family is already familiar with the wishes of the recently deceased individual. The documents that they leave behind when they die align appropriately with the wishes they had previously...