It is not uncommon for older people in Jefferson to develop health conditions as they age. However, many of them do not take their health into account when they are making their estate plans. They might be so concerned about dividing their estate up fairly, that they forget to add instructions regarding their care if they were to become severely ill or incapacitated. Once people become severely ill or incapacitated, they lose their ability to make medical decisions for themselves. People should take some time to make decisions about their end of life care needs now, so their families and loved ones will not be burdened with them.
Colorado Now Allows "Beneficiary Title" to Motor Vehicles
In 2016, Colorado law changed to allow anyone owning a car registered in the state to name a beneficiary to receive that car without having to go through probate. This can make estate planning for modest estates even easier. But experts warn that other commonly used nonprobate transfer estate-planning tools can cause confusion and legal disputes over the legitimacy of the beneficiary title. It's best to work with a knowledgeable and experienced attorney in the use of the DR 2009 form for naming a beneficiary title to a motor vehicle.
Why You Should Prepare a Will in Time
Drafting a will is widely considered to be a significant act that every property owner should implement during their lifetime. Saying Wills aren't important would be an understatement of the year, especially with the rising cases of property feuds. When you think of preparing a will, safeguarding the interests of each beneficiary primarily acts a guide in your decision-making. If you die, the will instrumentally directs how inheritance issues should be solved. After all, heirs are entitled to a legitimate use of inherited property.
How to Choose Your Power of Attorney
Unfortunately, many people do not understand what a power of attorney is or how it will affect them until they are in a situation in which the absolutely need one. However, everyone should at least have a basic understanding of how power of attorney works and what responsibilities are held by a power of attorney. Power of Attorney refers to a legal document which gives one person the legal authority to act in financial and legal matters on behalf of someone else.
How can I avoid being financially exploited by my POA?
Financial exploitation is a becoming a major problem for many seniors in Colorado. At the Law Offices of Karen Brady, P.C., we understand that many seniors who have powers of attorney are interested in learning how to protect themselves from financial exploitation. We recommend for them to carefully examine their options and take the following factors into consideration when choosing their POA.
Might a living trust be the right estate planning tool for you?
At the Arvada Law Offices of Karen Brady, P.C., we create comprehensive estate plans for our clients. As we have previously blogged, the revocable living trust is a vehicle that can allow you to bypass the probate process in Colorado state court as well as provide a seamless way to have your assets managed without court involvement should you become incapacitated.
