How Colorado residents can avoid estate document woes

On December 27, 2013

Asset protection and preservation can be a necessity, especially for those with large estates. With a regular examination of estate planning documents, individuals may find inaccuracies contained therein and can avoid troubles through updating certain information. Some necessary changes include updates of the names of beneficiaries on retirement plans, life insurance policies, IRA’s, mutual funds, annuities and any savings plan. For example, if a named beneficiary divorces or dies, assets could go to the wrong person. It can also be…
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Keeping estate planning current

On December 19, 2013

Wills are not the only estate planning documents used in Colorado that provide for a transfer of assets after the death of the owner. Many types of accounts include beneficiary designations that will govern the disposition of the property in those accounts, even where contrary provisions are made in the will. This would include bank accounts, insurance policies and retirement plans. A change in family or financial circumstances often results in a corresponding change to a person’s wishes regarding the…
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The Human Side of Estate Administration

On December 12, 2013

The death of a loved one can be a very emotional time. This is a time when families and friends come together to spend time reminiscing about times spent with the deceased loved one and try to help one another heal. The ways of handling legal issues can vary greatly with each asset that the decedent owned. The technical requirements for distribution can vary because of the type of asset that was owned, the title ownership of the asset, how…
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Updating estate planning documents after a divorce

On December 11, 2013

Once a divorce is final, both parties are likely to want to move along and think about things other than the endless paperwork that was involved in the process. However, it is important to take the time to deal with estate planning concerns that may result from a newly single status. One of the first things that may need to be considered is an existing will. In many states a divorce makes any will null and void, which does avoid…
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Estate planning is more than just about wills

On December 8, 2013

There are a number of reasons that Colorado residents and many others put off estate planning, such as thinking about their death or the possibility of no longer being able to make their own financial or medical choices. In fact, according to one expert, there are a number of multimillionaires that are 50 and do not even have a will. Estate planning is crucial because it can prevent someone’s family from dealing with financial upheaval, as well as ensuring that…
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Personal Representative’s Guide

On December 4, 2013

The Colorado Bar Association has created a Personal Representitive’s Guide to help people understand the process and the duties of a PR in estate administration.  In Colorado, a person appointed by the court named to administer an estate is known as the Personal Representative. This position used to be called an executor (male) or executrix (female), and a number of states still use these terms. In all cases, they are totally interchangeable and mean exactly the same thing. Some states…
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Coloradoans advised to start estate planning early

On December 2, 2013

In a recent report, an attorney and a wealth adviser asserted that citizens in Colorado and other parts of the United States might need to change the way they are preparing for the future. Although estate planning was once solely the domain of the exceptionally wealthy, the attorney noted that anyone who owns property, has children or could inherit money in the future should engage in some level of estate planning. In addition to promoting estate planning as a general practice,…
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