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Tag: Estate Planning

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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Creditors Claims, Probate, and Fully Funded Revocable Trusts

Creditors Claims, Probate, and Fully Funded Revocable Trusts

The passing of a loved one is a challenging time. Legal and financial matters can further complicate the situation. Many individuals opt for estate planning tools such as revocable trusts to simplify the distribution of assets after their passing. While a fully funded revocable trust may offer benefits such as avoiding probate; it’s essential to understand certain advantages of the probate process can be lost in this approach. Namely, protecting the estate from creditors’ claims by barring them from making…

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Generational Wealth in Colorado: Why You Need a Will

Generational Wealth in Colorado: Why You Need a Will

Estate planning is essential for preserving generational wealth. And, the absence of a will can have dire consequences. When someone dies without a valid will, the fate of their assets is left in the hands of Colorado laws. On the other hand, proper estate planning allows Colorado residents to protect their assets while ensuring a smooth transfer of wealth from one generation to the next. Below are some of the reasons dying intestate can lead to the erosion and destruction…

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Financial Power of Attorney: Specific Powers Demystified

Financial Power of Attorney: Specific Powers Demystified

A Colorado Financial Power of Attorney is a legal document. It grants authority to an agent or attorney-in-fact to handle your financial affairs in situations where you are unable to do so yourself. This document grants both general powers and specific powers to the agent. It allows the agent to act on your behalf in a wide range of financial situations. The agent’s general powers encompass broad areas such as real property, stocks, and bonds. On the other hand, the…

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Why Everyone Needs a Will, Regardless of Assets or Beneficiaries

Why Everyone Needs a Will, Regardless of Assets or Beneficiaries

When it comes to estate planning, many people believe having a will is only necessary if they possess significant assets or property. The truth is however, creating a will holds importance regardless of the size of your estate. Even if you have no substantial assets, or have designated beneficiaries for your existing assets, having a will in place offers several crucial benefits. Below are reasons why everyone needs a will. Expressing Your Wishes A will serves as a legal document…

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