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Author: PMiller

Disinherited Spouse And The Elective Share

Disinherited Spouse And The Elective Share

In Colorado, you can not disinherit a spouse. A surviving spouse omitted or disinherited from a will still has property rights in the estate. Sometimes omitting a spouse is intentional, sometimes negligent. Colorado law entitles a spouse to receive an elective share of the estate or to take against the will. Depending on the length of the marriage, the surviving spouse’s share is between 5% and 50% of the augmented estate. A spouse is defined as someone who is a…

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Joint Wills – Just Say No.

Joint Wills – Just Say No.

Once in a while a married couple will ask me about joint wills. A joint will is a single document signed by two people, usually leaving all of their assets to each other. When the surviving spouse dies the assets are then left to the children. Seems simple, and the easiest way draft an estate plan. This strategy it’s almost always a never a good idea. Problems with Joint Wills Since joint wills are binding contracts between two people, it…

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Succession Planning and Estate Plans

Succession Planning and Estate Plans

As a business owner part of your business plan should be planning for when your not around. A succession plan for your business should be on your bucket list. Make a plan and write it down. Whether you’re a solopreneur, a member of a LLC, or shareholder of a closely held corporation; I recommend before creating an estate plan for yourself before you create a succession plan for your business. If you’re business is a single member LLC, or a…

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Colorado Registered Agent Pro Tip

Colorado Registered Agent Pro Tip

Colorado requires all businesses registered with the secretary of state to have a registered agent. The registered agent is a person or company designated to be the official point of contact between the government, the courts, as well as taxing authorities and your business. The appointment of your registered agent occurs during the filing of your articles with the secretary of state. The responsibility of the registered agent is to accept legal notices and tax documents for the business; then…

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Electronic Wills In Colorado

Electronic Wills In Colorado

Since January 2021, electronic wills or e-wills are valid in Colorado. The Colorado Uniform Electronic Wills Act allows for remote signing and witnessing of wills. Ordinarily, a person signs their will in front of a notary and two witnesses. This routinely happens at the attorney’s office, or sometimes at the signer’s home. During the pandemic however, this became increasingly challenging because of social distancing, limits on gatherings, as well as office closings. It just so happened, prior to COVID-19 a…

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