Today many estate plans contain irrevocable trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important that they include a trust protector who will have the ability to adjust the trust provisions as circumstances, beneficiaries, and governing laws change. Continue reading
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How to Make a Family Meeting a Successful Part of the Estate Planning Process
You’ve made the hard decisions, your documents are signed, your trust is funded, a business succession plan is in place. Congratulations, you’ve finished your estate planning. But have you, really? Have you explained your planning to your family? Will they understand how your plan will work and what they may need to do if you become ill or when you die? Will they wonder why you made certain decisions? Continue reading
How Long Does Probate Take in Colorado?
It’s not uncommon to hear someone say, in the months after a death, that “the estate is tied up in probate.” Those words evoke an image of endless paperwork and interminable court hearings, not to mention significant expense. But how long does probate really take in Colorado? Continue reading
Colorado Medical Power of Attorney: What Is It?
In Colorado, all adults have the legal right to make decisions about their own health care, including consenting to, or refusing, medical treatment. Most of us are accustomed to making these decisions for ourselves and communicating them directly to our health care providers. Continue reading
Planning for Your Pets in Your Colorado Estate Plan
Colorado pet owners often say that their pets are more than just pets — they’re members of the family. Just as you create an estate plan to provide for your human family members in the event of your death or incapacity, you can also make provisions for your pets via a valid Colorado pet trust. Continue reading
The Difference Between a Colorado Will and a Living Trust
When Colorado residents set out to make an estate plan, they often assume that the plan will be built around a will, often referred to as a last will and testament. It’s likely that a last will and testament is what their parents and grandparents had, so it stands to reason that they will have one, too. Continue reading
What Does It Mean to Fund a Living Trust in Colorado?
Living trusts have become increasingly common in recent years as estate planning clients in Colorado and throughout the United States have come to realize their benefits. A primary advantage of a living trust is that it allows assets that otherwise would have gone through probate to pass outside the probate process. Continue reading
Preparing Your Kids for Their Inheritance
We often talk about estate planning as a means for the people to have peace of mind about protecting and transferring their assets for their families. Less frequently discussed is the peace of mind of the people receiving the wealth, often the adult children of the person making the estate plan. Continue reading
Compensation for Personal Representatives of Colorado Estates
Most people, when appointed to serve as the personal representative of a Colorado probate estate, focus primarily on their obligations, and not on the prospect of compensation. The work of a personal representative is important, and may be burdensome, so it’s entirely fitting that a personal representative be compensated. Continue reading
Colorado Estate Planning for Young Parents and Families
The years during which you begin a family, and your family grows, are both marvelous and hectic. For the first time, you are completely responsible for the well-being of someone who is utterly dependent on you. There’s so much to do, and so much to teach your little ones, and it’s all-absorbing; it’s hard to remember a time before they were here. Continue reading