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It’s December, and many of us are thinking about giving gifts. I have started asking my children what they want as gifts for Christmas presents, and they are thinking about it. Even harder than that, I am trying to figure out what to ask for as a Christmas present for myself. I tend to purchase what I need or want as the need comes up, so when … [Read more...]
What is the difference between doing your Estate Plan Online and using an Estate Planning Attorney?
In the time that I have been working as an estate planning attorney, I have seen a lot of online options to set up an estate plan appear. Some of these websites are free, some are services you pay for, but all of them seem to have the same thing in common: Online services are mostly self-help services that help you create your own will or other … [Read more...]
Do I Need An Estate Plan, Will, Or Trust?
I refer to myself as an estate planning attorney, and I prepare estate plans. Oftentimes I will be asked what that means, and I explain that I help people prepare their will, trust, financial power of attorney, medical power of attorney, living will, or other documents related to the end of life. People either understand my further explanation, … [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 … [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 … [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...]
Creating Certainty in a Time of Uncertainty
A couple of weeks ago I was participating in a seminar with a financial planner friend. Our presentation discussed how to best approach financial concerns in retirement, and how to make money last through retirement. My part was to talk a bit about the legal planning necessary for retirement, including the basics of estate planning, like a will, … [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 … [Read more...]
Back to Basics: How to Achieve the Basic Requirement for Your Will
There are several basic elements to a will. These are the elements required to make a will valid and have the will distribute your property at your death. I have not included an exact number for the basic requirements, because doing so would seem like just a checklist, and I want this blog to be more than that. This blog will focus on the … [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 … [Read more...]
