In this article, you can discover… The role of a personal representative in Colorado probate court. What happens when a personal representative fails at their responsibilities. How an experienced estate planning attorney can guide you as a personal representative. How Is A Personal Representative Appointed In Colorado Probate Court? This depends on whether or not there is a will. If your loved one has a will, a personal representative is named in the will, along with an alternative representative if the first person can not fulfill that role. If there is no will and your loved one’s estate is intestate,…Read More
In this article, you can discover… Whether Colorado law allows you to disinherit someone. What happens if a will does not mention a child. The rights that disinherited heirs have to challenge a will. Is It Legal To Disinherit A Family Member In Colorado Estate Planning? Yes, you can legally disinherit a family member in Colorado. However, you must be very clear in your wording so there is no confusion as to your intent to disinherit. The exception to this is a spouse. While you can disinherit a spouse in your will, they have the legal right to elect against…Read More
In this article, you’ll discover: How failing to understand probate laws will hurt your case How improper valuation of assets causes problems in probate The importance of proper communication between a personal representative and heirs in the probate process What Is The Simplest Way To Understand The Term “Probate”? The best way to explain probate is: "You have a relative who passed away, and you need to know how to transfer your relative’s assets to their heirs.” Probate has its own set of specific laws and requirements, and understanding them is key to a smooth and successful process. How Can…Read More
In this article, you’ll discover: How to identify creditors and debt owed by the deceased The consequences of ignoring creditor claims during probate Whether beneficiaries are responsible for the estate’s debt How Do I Identify All Creditors And Debts Owed By The Deceased In Colorado? Fortunately, you don't have to. Filing the general notice to creditors will alert all creditors to the decedent’s passing. If you file the notice at the beginning of the case, creditors have four months to claim against the estate. There will be some creditors that don't claim debts. Suppose you have a credit card, and…Read More
In this article, you’ll discover: The duties of a personal representative in Colorado probate cases How to challenge a personal representative if you believe they’ve mismanaged the estate Evidence required to prove personal representative misconduct What Are The Legal Duties Of An Executor In Colorado Probate Cases? In Colorado, the executor is called a personal representative. The court appoints a personal representative, and there is a priority for whoever is named in the will. The statute lists which family members have the highest priority if there's no will. Suppose the person of highest priority is your mother, but she doesn't…Read More
Why Is Business Succession Planning Important For Family-Owned Businesses? Business succession planning is vital for family-owned businesses because, without it, significant assets may need to be sold upon the death of the business founders to pay taxes and settle claims. Succession planning ensures the continuity of the business through these transitions, preserving the founders' legacy and maintaining family ownership through it all. Typically, this planning involves using life insurance, specifically key person's life insurance, on key individuals within the business. This insurance provides the necessary funds to cover potential liabilities and estate taxes, allowing the business to continue operating without…Read More
What Delays Can Arise During The Probate Process? How Can I Avoid Them? Delays in the probate process can be frustrating and costly. Understanding the potential sources of these delays and how to avoid them can help facilitate a smoother experience for you and your loved ones. One major factor in this is the type of probate. Formal probate requires court approval for almost every decision, which can significantly slow down the process. To avoid this, opt for informal probate whenever possible, unless the situation specifically warrants additional scrutiny from the court. Another common cause of delay is the personal…Read More
What Is Digital Estate Planning? Digital estate planning is a relatively new concept within the field of estate planning. It addresses the management and control of an individual's digital assets after they pass away. Digital assets encompass a wide range of items, such as downloaded music in your Spotify account, email accounts, cryptocurrency holdings, and anything else that exists primarily in a digital form. Since the internet and digital tools such as websites and applications have become integral to conducting business and socializing, the question of who owns digital assets after someone dies has become far more important. To address…Read More
Why Are Guardianships And Conservatorships So Important When Creating An Estate Plan? Guardianships and conservatorships play a critical role in estate planning, especially when it comes to providing for any minor children you may have. Here are some reasons why they are so incredibly important: Authority When creating a will, you can name guardians who will take care of your minor children if something happens to you. This ensures that your children are cared for by someone you trust even when you’re no longer around to do so yourself. Financial Provision Instead of naming a conservator in your will, you…Read More
In this article, you can discover… The differences between joint and sole custody in Colorado. Which factors make receiving sole custody more likely. How practiced legal representation can help in custody cases. What Is The Difference Between Joint Custody And Sole Custody? Custody is the legal term that was previously common in Colorado; now the terms used are “parenting time” ( the amount of time you spend with your child) and “decision-making” (making major decisions about your child’s life, healthcare, and education). These two aspects are handled separately by the courts. For example, a court may decide that your child…Read More
