Estate Planning
An estate plan isn’t just for parents. If you’re over the age of 18 you’ll still need one. Family and friends will need to make decisions for you if you’re in the hospital and can’t communicate. They will want to know what to do with your stuff in case you die. Here’s a list of some basic documents you’ll need for your estate plan, regardless if you have children or not. Incapacity Documents A well drafted estate plan always includes…
Whenever someone famous dies without a will, people talk about getting their will done and which type of service to use. Currently, Americans have many choices, which include; website services; legal subscription services; purchasing software; purchasing hard copies at a bookstore or ordering online. My advice however, is rather than Doing It Yourself (DIY) work with an estate planning attorney to get your estate plan in place. Everyone needs an estate plan and it’s something everyone should do. The majority…
Quite often people die without leaving a will, which creates stress and added expense for an estate. Having a self-proving will in your estate plan could save your estate time and money during the probate process. Three Ways to Probate There are three ways to probate an estate in Colorado, by affidavit, formally, and informally. The easiest way to probate an estate is by affidavit. This occurs when the court issues an affidavit to the personal representative, also known as…
As one year ends and another begins, I recommend reviewing your estate plan. Especially if it’s been a few years since you’ve looked at your plan or had it updated. Your estate plan should meet your goals in regards to distributing your assets, and appointing agents, representatives, and trustees to control your affairs if you should become incapacitated or die. An estate plan should be simple to administer, keep assets out of probate, provide for minor children and family, as…
Gifting is a common estate planning strategy that gives a portion of assets to loved ones and charitable organizations. Gifting not only expresses love and affection for family and friends, but gifts serve other purposes as well. Gifts allow family members the opportunity to participate in the management of a family business, pay for medical costs, and college tuition. Additionally, gifts will reduce the size of the estate, and simplify the probate process. Lifetime or inter vivos gifts should be…