All work and no estate plan makes Jack a dull boy. All work and no estate plan makes Jack a dull boy. I know estate planning ranks right up there with having a root canal. But, I do my best to make going through the haunted hotel of estate planning as painless as possible. The most difficult part for many is starting. And getting started is as simple as scheduling an initial consultation. During our consultation, I’ll ask you what…
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…
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…
Don’t overlook this important piece of your estate planning. The letter of last instructions gives your personal representative, as well as your family, details they’ll need to settle financial matters, and resolve your final wishes. Although, it’s not legally binding, it’s an invaluable resource to your loved ones. It provides final wishes not covered in your will, as well as contact information, they’ll need to close accounts and settle your matters. What To Write Often, a letter of last instructions…
In Colorado, a home or real property can transfer from one owner to another by the use of a beneficiary deed. Upon the death of the grantor, the transfer of property passes outside of probate. As with creating a trust or joint tenancy, the use of a beneficiary deed is considered another probate avoidance strategy. Below of some things you should know about beneficiary deeds when considering one in your estate plan: It must be recorded before the death of…