According to a 2017 survey, only 4 in 10 American adults have estate planning documents.Wills and estate planning are associated with old age, and it's all too easy for us to convince ourselves that we can put off estate planning for decades to come. Unfortunately, avoiding conversations about death doesn't actually ensure immortality, and none of us can know when estate planning documents might be necessary.
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.
Your New Year to-do list may include getting an estate plan. The process of putting together the documents that make up this plan is often overlooked or postponed. As a result, if you find yourself pushing this item lower and lower on your list, you are not alone.
The celebrated singer Prince, who at only 57 years old accidently died in April of an accidental opioid overdose at his Minnesota recording studio, was unquestionably a brilliant musician. Unfortunately, he was not as wise when it came to planning his estate, as he famously died without a will that could have directed where he wanted his sizeable assets to go upon his death.
Whether the proverbial ink has just dried on your divorce decree or you have been divorced long enough to already enter into a subsequent marriage, you should read this. After the turmoil of a divorce, one of the last things on your mind is probably the impact that it will have on your estate plan, but, you must understand what will happen if you don't review and redraft those vital documents.
They are often some of the best memories: family gathered together during the holidays or a summer vacation with children playing and adults debating. As children move away how can you keep this meeting spot in the family? For a cabin or remote property who will pay for the upkeep? What happens if no one uses it at some point?
When it comes to divorce, Colorado law is designed to protect the wishes of each former spouse. Practically speaking, this means that any former spouse listed in your estate planning documents is no longer legally valid upon divorce. Clauses that list former spouses as beneficiaries or fiduciaries are revoked, and former spouses that are listed as personal representatives are treated as though they are deceased. Unless the estate planning documents explicitly state otherwise, divorce in Colorado automatically overrides estate planning documents made before the divorce.
There are many kinds of trusts that can be used to avoid probate, avoid taxes and transfer assets to loved ones or other beneficiaries, such as a charitable organization. Today, though, let's talk about the benefits of a trust that allows you to transfer your home to a loved one while avoiding future estate tax issues.