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How can people know if it’s time to update their estate plans?
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...
What is a probate petition, and who can file one?
Probate petitions are a crucial aspect of navigating the legal waters after the passing of a loved one. A probate petition is a legal document filed with the court to initiate the probate process. Probate is the legal process of administering the estate of a deceased...
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...
What if you can’t find a beneficiary or heir to an estate?
The personal representative of an estate has a lot of responsibilities, and that includes making certain that all the beneficiaries and heirs of the estate are properly notified that probate has begun. Unfortunately, that can be easier said than done. It’s not...
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...
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...