Probate can be a lengthy and costly process that follows the passing of a loved one. In Colorado, as in many other states, the probate process involves the court overseeing the distribution of a deceased person's assets. However, there are proactive steps you can take during your lifetime to potentially...
Understanding “Step Up in Basis”
Estate planning involves making important decisions to ensure that your assets are distributed according to your wishes after your passing. One crucial aspect of estate planning is understanding the concept of "step-up in basis" and utilizing tools like revocable living trusts to maximize the benefits for your beneficiaries. This blog...
Demystifying Trusts: Revocable Living Trusts vs. Irrevocable Trusts
Trusts are powerful legal instruments designed to protect and manage assets, ensuring their efficient distribution according to your wishes. When it comes to estate planning, two popular options emerge: revocable living trusts and irrevocable trusts. Understanding the differences between these two types of trusts is essential to make informed decisions...
What is a Living Will? – The Basics
In today's rapidly evolving world, it is crucial to plan for unforeseen circumstances, especially when it comes to our health and medical decisions. A living will is a legal document that outlines an individual's preferences regarding medical treatment and care in the event they become incapacitated or unable to communicate...
What is a Power of Attorney? – The Basics
Estate planning involves making crucial decisions to protect your assets and ensure your wishes are carried out, even if you become incapacitated. Two essential components of estate planning in Colorado are the general power of attorney and medical power of attorney. These legal documents play a vital role in granting...
Why is Estate Planning Important? – Celebrity Deaths
Estate planning is an important part of life that everyone should consider. It's not just about having a will, but also about protecting your assets, providing for your family, and ensuring that your wishes are carried out after you're gone. Celebrities are no exception to this rule, and in this...
What is a Pourover Will? – The Basics
A pourover will is a legal document that works in conjunction with a revocable living trust to ensure that any assets not already in the trust are transferred into it upon the death of the grantor. In this post we will explore the basics of pourover wills. How a Pourover...
What is a Living Trust? – The Basics
Estate planning can be an intimidating process, but it is an essential aspect of financial planning that everyone should consider. One popular tool for estate planning is a revocable living trust. In this blog post, we will discuss the basics of what a revocable living trust is and how it...
What is a Will? – Common Issues and Limitations
While a last will and testament is a useful legal document that allows you to dictate how your property and assets will be distributed after your death, there are several common problems with relying solely on a will to manage your estate. In this blog post, we'll discuss some of...
What is Probate? – The Basics
Probate is a legal process that occurs after a person passes away, in which their assets are distributed to their heirs or beneficiaries. In Colorado, the probate process is regulated by the Colorado Probate Code. When a person passes away in Colorado, their estate may need to go through probate...