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Tag: Probate

Homeowners Insurance and Beneficiary Deeds

Homeowners Insurance and Beneficiary Deeds

In Colorado beneficiary deeds, allow homeowners to pass their property to a named beneficiary upon their death. This will happen without the property going through probate. A 2021 case highlights an important issue, however. It comes from the Eighth Circuit Court of Appeals, Strope-Robinson v. State Farm. Does homeowners insurance remain in effect after the owner’s death? The Strope-Robinson Case In this case, Dawn Strope-Robinson inherited a house in Minnesota from her uncle, David Strope, through a beneficiary deed. At…

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Common Law Marriage: Probate & Estate Solutions

Common Law Marriage: Probate & Estate Solutions

In Colorado, common law marriage presents unique opportunities and challenges, particularly when one partner dies without a will (intestate). Common law marriage can affect inheritance rights, but proving such a marriage posthumously can be complex. Understanding Colorado’s common law marriage requirements, along with potential complications in probate and possible alternatives, can offer clarity for those considering or involved in these relationships. Requirements for Common Law Marriage in Colorado Unlike most states, Colorado recognizes common law marriage without a formal ceremony…

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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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