If you’ve taken the step of getting a financial power of attorney (POA) in place for a parent, you’ve already done something important. A POA allows you to help manage your parent’s finances if they become unable to do so—or even just need a hand as they age. But many adult children walk away from signing the documents and wonder: Now what? Here are some practical steps you can take to make sure the POA is actually usable when the…
A power of appointment adds a layer of adaptability to your estate plan. It allows you to name someone who can later decide how to allocate specific assets, offering both flexibility and responsiveness to changing family dynamics or tax considerations. This can be especially helpful in blended families or when future circumstances are hard to predict.
Colo. Rev. Stat. § 15-12-1009 allows for the closure of estates that have been inactive for three years or more without further accounting. Although this may seem like a convenient way to close an estate, since it requires no action from the personal representative or an attorney, it can lead to significant issues. To illustrate, here’s a closer look at this statute, especially section (3), and its potential pitfalls. Overview of the Statute Colo. Rev. Stat. § 15-12-1009 permits courts…
Estate planning is an important step in securing the future of your assets, and your wishes upon your passing. Among the various tools available for estate planning, the “contract to will” approach is sometimes considered. Therefore, understanding its implications, including statutes such as C.R.S.§ 15-11-514, sheds light on why this method is not always the most desirable. Understanding the Approach A contract to will, often termed a “mutual will,” is an agreement between individuals. These individuals are commonly spouses, and…
Estate planning is a fundamental aspect of securing your legacy. It ensures the management of your assets according to your wishes. Part of this planning often includes appointing a trusted individual as your agent through a General Durable Power of Attorney (POA). This legal document grants your chosen representative the authority to manage your financial affairs. This includes dealing with banks on your behalf. There may come a time, however when your bank refuses your POA, leaving you and your…