In Part One of this series we explored the basic terms related to fiduciary duties, and now we are ready to step deeper into what the role of Personal Representative or Trustee entails. What do these people actually do? 1. Read the Estate Plan The deceased has named their Agent in one...
Most people consider it an honor to be named the Personal Representative or Trustee of a person’s estate. That’s true: it means someone considers you responsible, trustworthy, organized, and clear-headed, as these are all critical traits in a fiduciary. However, it’s more than an honor. It’s also a great responsibility. Naming...
One of the most versatile estate planning tools is a Revocable Living Trust. It’s often the best option if you are interested in avoiding the public, costly, and time-consuming process of probate, or wish to protect your assets beyond the next generation. They are especially recommended for people with blended...
We hear of people all the time who decide to circumvent court interference by listing a trusted adult as the designated beneficiary of a life insurance policy. If you have minor children, they can’t receive money or assets of any kind until they reach the age of 18. Sometimes people...
Here's a surprisingly common scenario: A couple decides to draw up a will. They split their estate evenly between their three kids, and name the husband's youngest brother as Personal Representative. Then, after both have passed away, it's discovered that the designated beneficiary forms on their bank accounts and retirement...
Let's make something perfectly clear: having a Will is very important! Dying intestate, or, dying without a Will, can cause heartache and headache for your loved ones. However, even a properly executed and professionally prepared Will won't do everything. Read on to see what we mean. A Will Won't Avoid Probate What’s...
Over the next few months, I will be participating in a speaker series in which several Denver area professionals will be providing information on various topics of interest to our clients. Our first event will be next Wednesday, February 21st at 3 pm at Metro Brokers at Marina Square (8101...
Do you know how to pick out the villain in a fairy tale? They either don't care about their children or they play favorites. So why would a loving parent ever write an estate plan with unequal inheritances? Sometimes Equality is Not Fair If you haven’t yet seen this comic, it’s a...
The newest installment in the Skywalker family saga, Star Wars: The Last Jedi, hit theaters in mid-December and gave fans plenty to talk about. If you haven't had a chance to see the movie yet, don't worry. This post will have no spoilers in it! If you have seen the...
Is getting your estate plan into place on your list of 2019 goals? Do you have an old estate plan that you're worried is overdue for an update? Are you worried that the plan you have, or the plan you might put in place, is too complicated? Or not comprehensive?...