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...]
An Estate Planning Carol: How Your Estate Plan is the Perfect Final Gift For Your Children
In Charles Dickens’ classic Christmas tale “A Christmas Carol” the miserly Ebeneezer Scrooge is taught the true meaning of Christmas. The lesson is taught by three ghosts, the ghost of Christmas Past, ghost of Christmas Present, and ghost of Christmas Yet to Come. In the end, Ebeneezer Scrooge learns his lesson and becomes a generous, happy soul. Christmas this year seems to be filled with displays of Santa Claus popping up in businesses everywhere. It seems like every other advertisement is using the Christmas holiday to promote their product as the perfect gift. I have already taken my … [Read more...]
What You Need to Do Before Meeting With Your Estate Planning Attorney
It is no secret that I offer a free initial consultation to everyone who is looking to set up an estate plan. The offer is on my website, and I tell everyone who calls me that I offer a free initial consultation. What may not be so clear is what happens during that initial consultation. Sometimes I have someone who thinks the initial consultation is a time for them to ask any question they want about the law and have me answer it for them. Others think that they can present me with whatever situation they have, and want me to give them free legal advice on what course of action they … [Read more...]
Not All Estate Plans Are the Same – Make Sure You Have the Right Tool for the Job
I recently was having a conversation with my friend who told me about a time right after he moved to Colorado. It went something like this: “I was so blown away at the scene I witnessed while walking out of my church in Lafayette after a snowstorm. I had just moved to Colorado and was new to the area and checking out new churches. This church was the largest I had come across so I figured it was due time to check it out. Walking out of the church felt like a scene out of a movie: at the exact same time, everyone was clearing snow off of their vehicles so they could drive home. The … [Read more...]
Don’t Forget Someone! What Happens if All Children are Not Named in an Estate Plan?
In January, I heard the news that NBA legend Kobe Bryant was killed in a helicopter crash. I was shocked at the news, as was most everyone else that I knew. My cousin’s husband, who played in the NBA for a while, spoke about playing against Kobe Bryant with reverence, as Kobe Bryant was certainly an excellent basketball player. Something like a helicopter crash is an unexpected event, so suddenly the status of Kobe Bryant’s estate plan became an issue. As tends to happen when a celebrity passes away, I started getting questions about what would happen with Kobe Bryant’s estate. I … [Read more...]
Why Would You Want a Trust? Three Big Reasons You Want One
I am often asked what is the difference between a will and a trust. I suppose I get this question a lot because a will and a trust both seem to do the same thing - distribute assets at a person’s death. While that is a similarity between the two documents, each document accomplishes the distribution in a different way. A will goes through the probate process, which is the legal process of submitting a will to the court and going through the legal channels to get assets from the deceased person to the heirs or the beneficiaires. Most people are not super keen on needing to interface with … [Read more...]
The Coronavirus and Estate Planning – Has Anything Changed?
The outbreak of the COVID-19 virus has led to unprecedented actions, quaratines, closing of restaurants, limited gathering of people, and given us new phrases. Who knew what “social distancing” might mean just a few weeks ago? I certainly would not have used that term to describe staying 6 feet or more away from most people, and probably would have thought of the phrase more in terms of pulling away, or staying away from people I really did not want to associate with in a social setting. Now we have a whole new phrase to address how we are trying to prevent the spread of the virus … [Read more...]
Why Simple Wills & Trusts Aren’t So Simple
Almost every client I meet says to me, “well we’re very simple. We just want something simple and want something that should be easy.” I think that what most people mean when they say “we’re simple” is they don’t have much. They’re referring to the things they own - their assets. Something like, “We just have a house and a retirement account and a couple of bank accounts.” Since their assets are simple to describe, the person believes their estate plan can be simple. While your assets themselves might be simple and probably one of your goals is to make sure that those assets get passed … [Read more...]
“But I Don’t Want To!” Why You Need to Talk to Your Kids About Your Estate Plan
In my last blog post, I wrote about why kids, usually adult children, need to talk to their parents about the parents’ estate plan. In this post, I want to talk about how parents need to talk to their children about their estate plan. Mostly, both sides need to have the discussion about an estate plan and it needs to start somewhere. I advised the children to talk to their parents, or the discussion may never happen because parents will not bring up an estate plan. So, I challenge you parents: Bring the estate plan up with your children before they ask you! I know most of your kids … [Read more...]