Michael Bailey - Author at Michael Bailey Law

Planning Before The Emotional Impact of a Death

I often discuss the virtue of planning ahead, so that you are not stuck with the default rules about who gets assets after you pass away. Many of what I discuss focuses on how you may want different things to happen with your assets than the default rules set up by the Colorado legislature, but there is a lot more to consider when death arrives … [Read more...]

Why It Is Important To Not Rush Your Will

I recently found out that August is national make your will month. I did not know that was a thing until recently, but now I know. I am not going to tell you to get your will done this month, as that would be silly and definitely be rushing things, and we don’t want to rush! The ten-time national championship and all-time great UCLA … [Read more...]

How to Move Into A Care Facility Without Losing Your Mind or Your Money

My oldest daughter just became licensed as a CNA (Certified Nursing Assistant) this summer, as she needed to find a way to get work experience in the medical field, and she wants to become a doctor. She found her first job working as a CNA doing overnight shifts at a memory care facility. She mostly keeps track of the people and guides them back … [Read more...]

Why You Need to Periodically Check Your Beneficiary Designations

When I was in law school, we read a lot of court cases, but we rarely read cases about what went right. Instead, we read cases where something went wrong. This was true concerning wills and the cases concerning estate plans. We didn’t read court cases about how there were no disputes or disagreements, but rather we read about things that went … [Read more...]

Making Your Estate Plan and Life Insurance Work Together

Almost every time I meet with someone to discuss their estate plan, I get questions about what happens with different types of assets, and almost always people want to know what controls who gets an asset. This leads to a discussion of how things can be transferred: via joint ownership, beneficiary designation, the dictates of a will, or the … [Read more...]

Why Yes, You Do NEED a Medical and Financial Power of Attorney

I cannot tell you how many times I have heard people tell me that they already have a will, so they are all set. I understand why those who tell me this may think it is true, but I do not completely agree. A will is only effective once you pass away, and only gives someone power to handle your assets and transfer assets to your named … [Read more...]

How Long Will it be Until my Living Trust is FUNDED?

I get asked about how long it will take to get a trust funded all the time. However, not everyone I talk to even knows what it means to fund a trust. Funding a trust in the process of re-titling assets in the name of the trust, or pointing assets to be Forms put into the trust at the time of death, so that the assets are owned by the trust. A … [Read more...]

Yes, You Have to Do Something to Complete Your Estate Plan

One of the most baffling things I have encountered in my law practice is how often people start the process with me, but do not complete things. I will meet with a potential client, talk to them about their situation, draft the documents, send out the drafts for review, and then hear nothing back. Despite repeated phone calls and emails to the … [Read more...]

Yes, I Am Am Booked 3 Months Out, But This Is How We Can Get Your Estate Plan Done

I have become quite busy in my estate planning practice. I am currently booked solid over the next 90 days…it is a great thing for me, but also a limitation of being a solo estate planning attorney. There is only one of me and I can’t do more than I am able to do as me being myself. Often that fact can deter people from even calling me to … [Read more...]

Working With Your Estate Planning Attorney to Get What You Want

I was on a Zoom meeting recently with another attorney, and that attorney mentioned that she likes to write blog posts because it gives her more of a chance to do legal writing. I listened to what she meant by that and she talked about how a blog post gives her a chance to write something to explain one aspect of the law, or another, and that she … [Read more...]