Blog - Michael Bailey Law, LLC

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 … [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 … [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 … [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 … [Read more...]

Is it better to have a will or a trust? Not Everything You Heard Is True

I cannot tell you the number of times I have had people as if it is better to have a will or a trust. I probably stopped counting when the 10,000th person asked me, and I have moved well beyond that number at this point. The simple, yet unsatisfying answer to the question of whether it is better to have a will or a trust is that it depends on … [Read more...]

It’s Your Estate Plan: Making it Truly Yours

Before I started my estate planning practice, I worked for a firm handling tax resolution cases. Basically, I tried to help people who owed past due taxes to the IRS or to the state tax departments. Mostly this consisted of negotiating payment plans - allowing people or businesses to pay back past due taxes over time, but I also helped eliminate … [Read more...]

What To Do If Someone Dies With An Estate Plan Already Set Up

Many of the topics I have covered on my blog have to do with what happens if someone dies without a plan, or how not having a plan can be problematic. I spend a lot of time encouraging people to set up a plan, so that they can have their affairs in order. Similar to my last blog post, where I talked about what you need to know about your estate … [Read more...]

What You Need To Know About Your Estate Plan After You Die

Many of the topics I have covered on my blog have to do with what happens if someone dies without a plan, or how not having a plan can be problematic. I spend a lot of time encouraging people to set up a plan, so that they can have their affairs in order. This blog post will be devoted to what happens when you have a plan in place. The timeline … [Read more...]

Why Reading A Blog Post Is Not A Substitute For Working With an Estate Planning Attorney

In my blog posts, I describe some aspect of estate planning and give certain information related to that topic. However, I do not give out all of the information on a topic. Instead, I give information on an estate planning topic, which is helpful to answer general questions, or to help describe the basics. I generally emphasize the need to talk … [Read more...]

Second Marriages and Blended Families: How to Protect What Needs Protecting

In the early 1990’s I used to watch TV on Friday nights, when ABC had it’s TGIF lineup. One of the shows that aired was called “Step by Step” and the show was about a blended family – a family where the spouses have remarried and kids are not all from just the married couple. The show followed the adventures, and misadventures, of combining two … [Read more...]