Common mistakes made in wills

On February 28, 2014

When creating an estate plan in Colorado, creating a will is usually one of the first things to be done. It’s usually meant to preserve the peace of mind of family members and loved ones, but if not drawn up properly, it can become more hurtful than helpful. There are a few common mistakes that are made when people write their wills. First, the wording may not be clear. If it’s not, the will could end up being interpreted incorrectly…
Read More

Pros and cons of wills and trusts

On February 21, 2014

While it might be hard for someone in Colorado to think about their demise, they will need to prepare for that eventuality through an estate plan, usually including a will or a trust, which helps provide for their beneficiaries. A will is legally binding and addresses the distribution of assets when a person dies. A trust is a group of assets, such as bank accounts, real estate and businesses, held on the behalf of the beneficiary. Assets must be transferred…
Read More

Planning tips from Paul Walker’s estate

On February 13, 2014

Entertainment fans in Colorado were surprised when movie star Paul Walker was killed in a car accident on Nov. 30, 2013, at the age of 40. While he left a will that provides for his daughter, people can learn some important lessons regarding estate planning from his example. His assets of about $25 million were divided nearly evenly between liquid assets, potential future earnings and real estate. His daughter, Meadow, was named as the sole beneficiary of all his assets….
Read More

The use of silent trusts

On February 4, 2014

A silent trust may be an option that some Colorado residents are considering as part of their overall estate planning strategy. Most trusts are open knowledge to all parties involved, but a silent trust is one in which the existence of the trust is kept secret from the beneficiary. The settlor of a trust may decide to not divulge a future inheritance to heirs and require the trustee to keep it secret. There are many reasons why a settlor might…
Read More