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…
Colorado’s vehicle transfer on death law allows ownership of vehicle to pass to the beneficiary outside of probate, giving individuals the ability to transfer their cars or vehicle to a beneficiary on the death of the owner. Since cars and other vehicles need to be maintained, and they depreciate rapidly, it does not makes sense to have them sitting around for months or even a year in Colorado weather, while waiting for probate to end. Vehicles should be transferred to their new…
Some individuals and couples transfer title of real property to an LLC as a way to shield them from personal liability, pay fewer taxes through asset depreciation, avoid probate, or for estate planning purposes. Some of these purposes are succession planning, gifting, or lowering estate taxes. Perhaps, the property is an in-town rental, vacation home, out-of-state property, or vacant land; placing the property into LLC can protect the property owner, lessen the tax burden, and streamline probate process. An LLC…