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Estate Planning for the High School Graduate
Posted on: 05/19/2020
Most folks don’t start thinking about estate planning until a certain life event triggers the discussion – a recent death in the family, a newborn child, a marriage or divorce. And while these are all good reasons to consider your legacy, the fact is everyone 18 years or older needs at least some kind of […]
For clients who have minor children, one of the most sensitive estate planning decisions is who to nominate as their children’s guardian. Here are a few things to consider when making this decision. Generally speaking, the Court will confirm as guardian whomever the parents nominate in writing. If the parents left differing guardian nominations, the Court will confirm the […]
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. […]
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 […]
