Estate planning in Colorado is aimed at providing an improved level of asset management services. It is usually put up as a back up plan for incapacitated owners . It also involves planning for bequest and the like for one’s estates after their death. The whole process saves money and prevents confusion among one’s heirs.
More on Estate Planning in Colorado
The items under Estate Planning in Colorado cover heads like Power of Attorney , process of probate, dying “intestate”, provision for one’s children, making wills and the alternative asset management options to will making.
Probate refers to the public procedure for will validation. Before validation one needs to file the will in court first. Probate also involves asset division. This asset division is done either as per the Colorado law or as per the instructions of the concerned will. Under probate, the issue of tax and debt settlement of the deceased also come up.
“Non-probate assets” are assets, which, by law, automatically pass to the designated person. “Non-probate assets” include
money held in joint accounts
For a person who is devoid of any debt obligations or any “titled property” holdings the need for probates may not arise at all.”Titled property” comprises of the following items:
Probate lawyers in Colorado normally charge on an hourly basis.
Provision for One’s Children under Estate Planning in Colorado
Estate planning in Colorado contains options for provision for one’s children. Trusts can be set up for looking after one’s minor children until they attain adulthood in case of the parent’s untimely demise. The parent who is setting up the trust can nominate a trustee for looking into the financial transaction part of the estate under the trust as well as the retention and sale part of the estate under the trust. The trustee can be a friend of the family or a member of the family. He is normally paid a remuneration for his services from income of the estate under the trust. Parents may also nominate guardians as physical custodians and care takers for their children in their absence.
Last Updated on : 30th July 2013