Having a trust is like having your own little private company. Like a company, a trust is a special entity that has its own identity and legal rights, independent of you.
The biggest mistake people make with regard to estate planning is not doing it.
Probate is only necessary in a limited number of circumstances. Unless you own a certain amount of assets or real estate by yourself when you die, probate isn’t required in Colorado.
A lot of people think an estate plan only does one thing: designate who should get their stuff after they die, but there is more to it than that.
Probate is simply the court process used to distribute someone’s assets after he or she passes away.
Although many people assume that an estate plan only becomes necessary after a certain level of wealth has been achieved, the most important reason to get an estate plan in place is because you have people who rely on you.
Setting up a trust is a two-part process. People tend to be very good about taking the first step, but then often overlook the second step, which is probably just as important.
An important part – but not the only part! – of what your estate plan should address is who will handle your property and finances if you can’t, not only if you die, but also if you are hospitalized for an extended period of time. To do this, you need at least two documents.
While most people know that an estate plan provides instructions on what should happen to your property, fewer realize that it should also include instructions on how your medical care should be handled.
Property and money are a frequent source of friction among family members. But sometimes other issues become a much more difficult source of conflict.
Dan speaks with local realtor Katharine Pickering about the importance of estate planning and what it can help you accomplish.
Dan speaks with “Colorado’s Best” about the importance of estate planning.
Dan speaks with local Fox News affiliate KDVR about the tragic circumstances surrounding the murder of Shanann Watts and the application of Colorado’s “Slayer Statute” to the probate of her estate.