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Category: Estate Planning

Estate Planning

Understanding Testamentary Trusts: A Guide for Parents

Understanding Testamentary Trusts: A Guide for Parents

Testamentary trusts also known as contingent trusts are powerful tools in estate planning. This type of trusts offers individuals the ability to maintain control over their assets after their passing. Often overlooked or misunderstood, testamentary trusts provide a means to distribute assets according to specific wishes, and protect beneficiaries. Most often this type of trust is used by families with minor children or young adults. What are Testamentary Trusts (a.k.a. Contingent Trusts) ? A testamentary trust (or contingent trust) is…

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Maximizing Your Estate Plan: Understanding Beneficiary Designations

Maximizing Your Estate Plan: Understanding Beneficiary Designations

Planning for your estate involves more than just creating a will; it also entails making strategic decisions about how to protect and distribute your assets. One important aspect of estate planning is designating beneficiaries for your retirement, insurance, and other financial accounts. While it might seem like a straightforward task, overlooking or misunderstanding beneficiary designations can lead to unintended consequences and potential financial hardships for your loved ones. In this blog post, we’ll delve into the importance of beneficiary designations…

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A Contract to Will Might Not Be the Ideal Estate Planning Document

A Contract to Will Might Not Be the Ideal Estate Planning Document

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…

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Holidays Conversations: Legacy, Estate Planning, and Reflection

Holidays Conversations: Legacy, Estate Planning, and Reflection

The holidays are a time for families to gather, celebrate, and reflect on the joys in their lives. Amidst the laughter and shared moments, there’s a subject often left untouched – estate planning. Engaging in discussions about estate planning during this season of togetherness is not just timely but a thoughtful way to shape your legacy. Encouraging Open Dialogue Holidays provide an atmosphere where families can openly communicate. Moreover, it’s an opportunity to foster an environment where everyone feels comfortable…

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What to Do If Bank Denies Power of Attorney

What to Do If Bank Denies Power of Attorney

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…

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