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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...]
Estate Planning for the Blended Family: Planning to Keep a New Spouse and All the Kids Happy
The 1970’s TV show “The Brady Bunch” depicts a blended family - a family where the spouses have remarried and kids are not all from just the married couple. The theme song goes like this: “Here's the story of a lovely lady, who was bringing up three very lovely girls. All of them had hair of gold, like their mother, the youngest one in … [Read more...]
Why Emergency Estate Planning is a Bad Idea
Among the reasons that I chose estate planning as a practice area is that there are fewer emergencies, so I can have more predictable work hours, and have less intrusions on the time that I spend with my family away from work. I like to see my family from time to time, like on the weekends, or in the evenings, so I don’t schedule many appointments … [Read more...]
[ANSWERED] How Often Should You Update Your Will?
Almost every person I meet asks me how often they should review, update, or revisit their will. I am happy to answer this question, explaining as follows: “You should update your will every few years, or whenever you have a major life change.” Please read the following sentences in as sarcastic of a voice as you can: I know this is quite … [Read more...]
