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I am often asked how to avoid probate. I am not entirely sure why probate is such a frightening or non-favored thing, but lots of people want to avoid it. To be clear: probate is the legal process of getting assets from the deceased person to the named beneficiaries or heirs in a will. I know that legal processes can take time and … [Read more...]
What Factors Affect The Cost of Your Estate Plan?
I think the question that I am asked most often in my estate planning practice is how much does it cost to do a will? Or a trust? Or an estate plan? Or a Power of Attorney? Or a Living Will? Or any other number of estate planning documents or preparation. The questions assume that all estate planning is the same, or … [Read more...]
If I Have a Will, Does That Mean My Family Avoids Probate?
The short answer to this question is NO! A will does not avoid probate. Probate is actually the legal process designed to implement wills and get the assets of the deceased person to the named beneficiaries. The probate process is exactly how a will is supposed to be proved, carried out, and administered. However, having a will does help with … [Read more...]
Does a Beneficiary Deed Avoid Probate?
The short answer to this question is: YES. If that were the end of the story, then this would, again, be the shortest blog I have ever written. But, alas, again this is not the whole story. I have previously discussed what a beneficiary deed is and why you may want one, but we will focus on the avoiding probate aspect of a beneficiary deed in … [Read more...]
How Do I Leave My Car to My Family After I Die?
I have several clients who restore old cars, usually classic cars, and then either keep them, or sell them to other collectors. They often want to leave the car to their family and ask me, “How do I leave my car to my family after I die?” These really are some neat cars, so I understand wanting to keep the cars in the family. I have seen some … [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...]
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...]
