In the realm of estate planning and inheritance, the Colorado Revised Statute 15-12-912 stands as a powerful tool for heirs seeking to adapt their loved one's final wishes to changing circumstances. This statute grants heirs the ability to alter a decedent's gifting instructions through a written agreement, ensuring flexibility in...
Estate Plan Basics – Fundamental Components of an Estate Plan
Creating an estate plan might not be at the top of your to-do list, but it's a critical step to ensure your assets are distributed according to your wishes and your loved ones are taken care of in the event of your passing. An estate plan is not just for...
Understanding Probate – How to Avoid Probate
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...
Navigating Will Challenges – Undue Influence
The loss of a loved one is undoubtedly a challenging time, and dealing with the distribution of their estate can further complicate matters. In some cases, concerns may arise regarding the validity of a will due to allegations of undue influence. Undue influence refers to situations where an individual exerts...
Navigating Will Challenges – Testamentary Capacity
The passing of a loved one is a time of emotional upheaval, and the last thing on our minds is often the validity of their will. However, it is crucial to understand the significance of testamentary capacity and when to challenge a will when it appears to lack it, especially...
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...
Funding a Revocable Living Trust – The Basics
When it comes to estate planning, many individuals are familiar with the concept of a revocable living trust. However, there is a crucial step often overlooked – funding the trust. Funding a revocable living trust is like breathing life into it, ensuring that your hard-earned assets are protected, efficiently managed,...
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...