Probate – When Someone Dies #5 “Coping with the loss of a loved one is difficult. We hope this information will help you focus on what you need to do and what you may wish to delegate to friends and family. This brochure will provide you with some basic information on what you may need […]
Probate – When Someone Dies #4 “Coping with the loss of a loved one is difficult. We hope this information will help you focus on what you need to do and what you may wish to delegate to friends and family. This brochure will provide you with some basic information on what you may need […]
Estate Planning – Avoiding Probate – Transfer of Assets Outside of Probate – What is a Living Trust? Living Trusts A living, or intervivos, trust may be revocable or irrevocable, and it may be funded or unfunded. A funded living trust is an alternative to a will and to probate. In a funded living […]
“Coping with the loss of a loved one is difficult. We hope this information will help you focus on what you need to do and what you may wish to delegate to friends and family. This brochure will provide you with some basic information on what you may need to know in the first few […]
Life Insurance Life insurance proceeds pass to whomever you have named to receive those benefits; that person is the beneficiary. The insurance company will have a record of the beneficiary you chose when you purchased your policy. You also should keep a record of the current beneficiaries of each life insurance policy. You have the […]
Probate – When Someone Dies #2 “Coping with the loss of a loved one is difficult. We hope this information will help you focus on what you need to do and what you may wish to delegate to friends and family. This brochure will provide you with some basic information on what you may need […]
Estate Planning – Avoiding Probate-Transfers of Assets Outside Probate Survivorship Interests Holding property with another under a survivorship interest such as joint tenancy is sometimes used as an inexpensive alternative to a will or trust. A survivorship interest may be applied to both real and personal property. However, there are large pitfalls to this transfer […]
Joint Tenancy-When a Joint Tenant dies What is the process for transferring title when one joint tenant dies? The most common assets owned in joint tenancy are real property and bank accounts. In order to transfer the deceased joint tenant’s interest to the surviving joint tenant(s), all that is usually required is the recording of […]
“Coping with the loss of a loved one is difficult. We hope this information will help you focus on what you need to do and what you may wish to delegate to friends and family. This brochure will provide you with some basic information on what you may need to know in the first few […]
A will or living trust that meets all of the requirements described in earlier blogs is valid until you revoke it. A will or living trust that is valid in another state is also valid in Colorado. If you change your mind about a particular distribution of your property, or if circumstances force you to […]
A trust is an arrangement where real or personal property is held by one person, called the trustee, for the care or benefit of another person, the beneficiary. There are basically two types of trusts: testamentary trusts and living trusts. A testamentary trust is set up in your will, and takes effect only after your […]
It is essential that legal documents are kept secure so they are accessible as necessary. This is also true of powers of attorney. What do I do with my power of attorney document? “The original power of attorney should be given to the agent you appoint and a copy should be kept with your other […]
Being designated as the agent in a power of attorney is a position of responsibility. It is important that anyone executing a power of attorney know the importance of their agents’ actions. Can a principal hold an agent liable for the agent’s actions? “Agents are considered a “fiduciary” meaning they must act with the highest […]
Agents on powers of attorney are usually family members or close friends. Often people want to compensate their agents for their work: Can the agent be reimbursed for expenses and compensated for work? “An agent can be reimbursed for feasible expenses and compensated for their work. To ensure this, the principal must include this direction […]
Every power of attorney designates individuals that the principal wishes to make decisions on their behalf under certain circumstances. Some people have difficulty in choosing who to appoint. These questions and answers may help with such decisions. What if a principal appoints multiple agents? “Multiple agents can be appointed to serve simultaneously but it is […]
The majority of people who have powers of attorney have them in case they fall victim to an emergency in which they are unable to make medical decisions or handle their financial affairs. But even if they have a power of attorney many ask: When does a power of attorney take effect? “The terms of […]
Most Powers of Attorney are titled as “Durable” Powers of Attorney. What is a “Durable” Power of Attorney? The Colorado Bar Association provides this explanation: “A ‘Durable’ Power of Attorney permits an agent to make decisions on behalf of the principal if the principal becomes incapacitated. This is done by…including certain language such as: ‘this […]
Estate Planning – Importance of Powers of Attorney – Power of Attorney Series – #1 A common question on powers of attorney arises when there is an emergency medical situation. For example, Mom is rushed to the hospital by ambulance accompanied by Dad. While Mom is rushed into an emergency exam room, the hospital asks […]
Many people are afraid to go to lawyers or they don’t want to spend the money for an attorney to draft a Will for them. So they prepare their own wills. The majority of the time these “homemade” Wills are written in language that allows room for challenging by heirs. In the end their probate […]
“Considerations for All Advance Medical Directives Your advance medical directive(s) should include statements about any religious beliefs that would either prohibit or require certain types of medical care, existing medical conditions that you want the medical professionals to know about in advance, which document shall control if there is more than one declaration and they […]
“Disposition of Last Remains Declarations You have the right and power to direct the disposition of your last remains. Colorado laws provides protection from individuals who may try to impose their views over your stated wishes. You may make this declaration in a will; prepaid funeral, burial, or cremation contract; Medical Power of attorney; Designated […]
What is a Living Will? “In Colorado, individuals may execute a “Declaration as to Medical or Surgical Treatment,” more commonly referred to as a “Living Will.” A Living Will covers the administration, withholding, or withdrawal of life-sustaining procedures when you have a terminal condition and are unconscious or otherwise incompetent. In this very limited set […]
Almost every client thinks if they make a Will and devise assets to a particular beneficiary the Will disposes of all assets. However, that is not true of every type of asset. Assets that have their own separate beneficiary designation or are owned in Joint Tenancy will not be controlled by the Will but will […]
I was trying to finish a project at home. I needed to anchor some wood into concrete. I’m a relatively handy guy, but this isn’t something I do all the time. I knew I needed to use Tapcon® concrete screws. I used them once before. They are a distinctive blue color. I went […]
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