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Tag: Probate

The Risks of Letting Courts Close Inactive Estates

The Risks of Letting Courts Close Inactive Estates

Colo. Rev. Stat. § 15-12-1009 allows for the closure of estates that have been inactive for three years or more without further accounting. Although this may seem like a convenient way to close an estate, since it requires no action from the personal representative or an attorney, it can lead to significant issues. To illustrate, here’s a closer look at this statute, especially section (3), and its potential pitfalls. Overview of the Statute Colo. Rev. Stat. § 15-12-1009 permits courts…

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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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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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Passing the Torch: A Guide to Choosing an Executor in Colorado

Passing the Torch: A Guide to Choosing an Executor in Colorado

Choosing An Executor: Responsibilities and Process Estate planning is an important process that involves making decisions about your assets, your family, and your legacy. One of the most critical decisions you’ll make in estate planning is choosing an executor. An executor is the person responsible for managing your estate after you pass away. Who Should You Choose as Your Executor? Selecting someone to be your executor is a decision that should be made with great care. Here are some factors…

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