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Tag: Probate

To Trust or Not To Trust

To Trust or Not To Trust

Under the appropriate circumstances, a revocable living trust is the perfect estate planning document. Sometimes, however they can be overkill or underused. Whether a trust is the right document for you depends much upon your assets and family circumstances. Also much depends on whether you as the maker and trustee are willing and able to do so. Here’s some things to consider before using one in your estate plan. A Trust Is Not A Will Replacement If you have a…

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Don’t Be Afraid of Estate Planning…

Don’t Be Afraid of Estate Planning…

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…

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Disinherited Spouse And The Elective Share

Disinherited Spouse And The Elective Share

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…

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Estate Planning and Beneficiary Deeds In Colorado

Estate Planning and Beneficiary Deeds In Colorado

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…

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A Self-Proving Will Makes Probate a Whole Lot Easier

A Self-Proving Will Makes Probate a Whole Lot Easier

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. ┬áThe easiest way to probate an estate is by affidavit. This occurs when the court issues an affidavit to the personal representative, also known as…

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