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Documenting the Death of a Joint Tenant
Posted on: 03/28/2017
Joint tenancy is a form of co-ownership. If, under a joint tenancy, one owner dies, then his or his interest automatically transfers to the surviving owner(s). This is called the “right of survivorship”. Colorado Law outlines how to properly document the death of a joint tenant. CRS § 38-31-102 requires the survivor record two documents: 1) a […]
A Financial Power of Attorney grants another individual (the “agent”) authority to manage your (the “principal’s”) financial affairs. But because they can transfer tremendous responsibility to an agent, it’s important to understand the different types of Powers of Attorney before signing one. Standing v. Springing A Standing Power of Attorney is immediately effective upon the principal’s signing. […]
When Should You Sell as a For Sale By Owner (FSBO)?
Posted on: 07/14/2016
Good real estate agents can be incredible resources. They have a thorough understanding of the local market, strong negotiating skills, powerful marketing tactics, and extensive networks. As someone who works with real agents nearly every day, I am at awe of how valuable a good real estate agent can be. But some sellers may […]
In Colorado, administering a small estate is relatively simple. The successor (or her agent) simply fills out a small estate affidavit, signs the affidavit in front of a notary, and then presents it to any person or entity controlling the estate’s assets. Nothing is filed with the court and no one is name as the personal representative. This […]
Spend time with your family and friends Some of us find comfort in making to-do lists, but be sure to carve out family and friend time. Make funeral arrangements Look through the decedent’s papers for evidence of a prepaid burial or funeral plan. If the decedent was on public assistance, contact social services to see […]
When planning your estate, it’s important to understand the difference between probate and non-probate assets. That’s because a will — what most think of as the essential substantive document in any estate plan — only controls what are called probate assets. But it’s possible, in fact common, to see an estate without any probate assets. […]
The Unintended Consequences of a Joint Tenancy in Colorado
Posted on: 01/08/2016
The Unintended Consequences of a Joint Tenancy in Colorado There are many hazards to DIY estate planning, but using a joint tenancy is perhaps the most fraught. In a joint tenancy, two or more owners share an undivided interest in an asset. If one owner dies, her share automatically passes to the other owner. No […]
Everyone Needs an Estate Plan… Even You! So, what’s your reason for not planning? “I don’t have enough assets.” Estate planning is not only about passing on your “stuff.” It’s also about making decisions now in case you’re unable to in the future: Who will make your healthcare decisions if you can’t do so yourself? […]
