Blog - Michael Bailey Law, LLC

How Do I Leave My Car, Boat, House, Money, Family Cabin, Family Business, Family Farm, Monkey, Cat, Dog, or Anything Else To My Family After I Die?

I get asked the question above a lot! OK, so not the whole question at once...mostly I am asked about one part, or the other, and not all of the items at the same time, but I do get asked about how to deal with specific assets quite a bit. I am not sure if people think that each different thing they own needs to be treated separately, or if people are just really concerned about one particular thing, but people ask about how to deal with specific assets all the time. Many times the person asking the question seems most concerned about a particular asset because that asset is so important … [Read more...]

Special Needs Trusts vs. Supplemental Needs Trusts Compared Side By Side

I often have people ask me about setting up a special needs trust, or a supplemental needs trust, and they tend to use the phrases interchangeably. Other times, people will call this type of trust a “gift trust” or some other name. I want to lay out how these two types of trusts are similar, and how they may differ in this blog post. How Are a Supplemental Needs Trust and A Special Needs Trust the Same? How Are a Supplemental Needs Trust and A Special Needs Trust Different? How Can I Know What Is the Correct Type of Trust That I Need? Supplemental Needs Trusts and Special … [Read more...]

For Grandparents: How Can You Pass On Your Legacy To Your Grandchildren?

When it comes to estate planning, leaving a legacy may be important. Of course, the concept of a legacy raises several different questions: What is a legacy? How you do build a legacy, and how do you leave one for your grandchildren? Is a legacy what you leave to them after you are gone - assets and things? Or, is a legacy more? Is a legacy something that needs to be done in an estate plan, or is it only part of an estate plan? Is an estate plan the most important part of leaving a legacy, or are there other things you can do to leave a legacy? All of these are great questions, and this … [Read more...]

“Grandma! Grandpa! Will You Help Me?” How You Can Help Your Grandchildren With Their Education

I think most grandparents have a special place in their heart for their grandchildren. Grandparents play with their grandchildren, feed the grandchildren, and generally make life fun for the grandchildren. Grandparents also give the grandchildren back when it is bedtime, or the grandchild is cranky, which makes sense. Grandparents did all of the parental duties for their own children, so now they have the chance to get all of the play and reward without needing to do the hard work. Parents get to do the hard work - not that we parents mind that part - and grandparents are the magical ones … [Read more...]

Wills vs. Trusts Compared Side by Side (My 100th Blog)

The most common question that I get in my law practice is what is the difference between a will and a trust? I really do wish the question is simple and easy, and perhaps someday I will be able to come up with a satisfying answer that only takes a minute or two. In my experience, the answer to this question can be quite complex, as you can see that I'm still writing about it after 100 blogs, so it's a question I'm still happy and proud to clarify into more simplistic terms. In this blog, I will compare a will and a trust side by side, hopefully to show what the similarities and … [Read more...]

Revocable vs. Irrevocable Trusts Compared Side by Side

To fully explore what type of trust is right for you, or to further understand the differences, you should consult with an experienced estate planning attorney. You can schedule a free initial consultation by clicking below. … [Read more...]

Can You Have Both A Will And A Trust? In Colorado, Yes You Can!

Whenever someone asks me if they need a will or a trust, I tell them that the answer depends on their circumstances. I then offer to discuss their life circumstances during my free hour long consultation to determine what options would fit their needs. Many clients are surprised to learn that even if they set up a trust, they also need a will. A will and a trust can serve the same purpose: distributing assets at death, but wills and trust have other purposes, too. When you set up a trust, you also want to set up a will to make sure your estate plan is complete. One main purpose of a … [Read more...]

What Is a Beneficiary’s Deed & Why Might You Want One

I talk with a lot of people who want to avoid probate, so they ask me about their options to avoid probate and want to know what is available. One of the options that comes up is a beneficiary’s deed. A beneficiary’s deed may also be called a “transfer on death deed,” but in Colorado the proper term is a beneficiary’s deed. Not all states allow for such deeds, but Colorado does. A lot of the people asking about avoiding probate don’t want their heirs to need to go through any legal process, but they also don’t want to go through the time and expense of setting up a trust to avoid probate. … [Read more...]

When I Had to Defend the Estate Plans I Wrote – The Rare Cases

In my last blog post, I talked about not going to court if you don’t have to go. With careful planning, estate planning can help you avoid going to court and court proceedings. Your estate plan can be carried out with a minimum of court supervision, or free from court supervision under most circumstances. However, sometimes things happen that are outside of normal circumstances, and an estate plan ends up in court, despite our best efforts to plan. I have heard the quote “Expect the best. Prepare for the worst.” attributed to Zig Ziglar. This saying certainly applies to estate … [Read more...]

Don’t Go to Court if You Don’t Have To

Most people I know, including my attorney friends, don’t want to go to court. They all tend to think: “The less people end up in court, the better.” I will focus on avoiding court as it relates to estate planning in this blog. When I first meet with people, many of them tell me that they want to set up a will so that their estate does not go through probate when they pass away. Since that is not a correct statement, I have found many tactful ways to let them know that is not technically right, and that rather than avoid probate, a will guides the probate process. Of course, I also will … [Read more...]