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Estate Planning Archives

Can I claim an elective share if my spouse disinherited me?

Your spouse recently passed away and you just learned that he or she disinherited you in their will. In Colorado, you may be able to protect your right to inherit from the decedent’s estate even if it goes against their final wishes by filing for an elective share. However, you may lose your right to claim an elective share if there is a prenuptial agreement in place, states Mission Wealth. A postnuptial agreement may also invalidate your right to an elective share if you and your deceased partner were divorced.

Do I need a life estate?

One of the many benefits of creating wills and trusts in Colorado is being able to choose who inherits your property after you die. While you are in the midst of updating your estate plans, you may be asking yourself - do I need a life estate? After all, your assets may include some real estate that you want to keep in the family.

What happens if I am named the executor of an estate?

If you are named the executor of an estate in Colorado, you may be wondering what you are supposed to do. First, you should understand that even though you have been named the executor, you are not legally obligated to accept the role, according to Bankrate. Before you decide if you are willing to honor the decedent’s request, you need to know what your legal obligations are.

Prince's Estate and the Importance of Planning

Last week, the world lost a musical legend in the form of Prince Rogers Nelson. As the world grieves, his loved ones are left to sort out his estate. Unfortunately, Prince's apparent lack of will and estate planning documents complicate questions about taxes, inheritance, and music rights. Without legally enforceable estate planning documents in place, this tragedy draws attention to the complication that arise without proper planning.

Divorce and Estate Planning

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.

Stepchildren and inheritance

Stepparents may wish for their spouse’s children to inherit money, property or other assets. However, unless there is a will in place that specifically states that intent, stepchildren may not automatically receive them.

Estate planning tips for women business owners

With the growth in the nation's economy, the number of women owned businesses in the United States continues to climb. According to a report published by americanexpress.com, there are more than 9 million businesses owned by women, which accounts for 30 percent of all enterprises across the country.

Is a Colorado Beneficiary Deed Right for You?

Beneficiary deeds, also known as transfer-on-death deeds, can be used to leave property to loved ones upon your death. Before creating a beneficiary deed, however, it is important to understand the complexities and potential pitfalls of creating these forms in Colorado.

Digital assets: How can they be addressed in your estate plan?

It's clear that an increasing portion of our lives are now being lived and documented online (you are reading this blog, after all). Most of us have at least one email account, and many of us use social media sites. It's also common to own digital music, often in the form of iTunes downloads.

Getting motivated for estate planning

A couple of months ago, we wrote a post about why younger people need to consider an estate plan. Many people don't have a will, and while it may be an intimidating and scary topic, getting a will is still a vital step in anyone's life. Having a will protects you, your assets and your heirs or beneficiaries. Not having a will is actually the scary prospect.

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