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December 2014 Archives

Contesting wills and trusts in Colorado

Colorado individuals who are contemplating planning the disposition of their estates may feel that putting together a will or a trust is sufficient, but it may also be important to take steps to ensure it is less likely that those documents can be contested. Wills and trusts cannot be contested by just anyone. Only certain people may challenge the validity of these documents, and they can only do so under certain circumstances.

Powers of attorney in Colorado

There are several reasons why a person may need to have powers of attorney in place. For some people, delegating the ability and responsibility to work on their behalf in a single transaction may necessitate drafting a limited power of attorney for that transaction alone. For others, drafting a power of attorney granting another person broad powers to make financial decisions on their behalf is needed.

Eligibility for Medicaid as a homeowner

Many Colorado residents may wonder if they are eligible for Medicaid if they own a home. The eligibility standards for Medicaid are specific, and certain assets are used to determine eligibility. An individual who applies for Medicaid is required to list their assets and provide documentation.

Understanding the different kinds of trusts

Colorado residents who are new to the subject of estate planning may be interested to learn more about the various kinds of trusts that are available. Trusts fall into two general categories: testamentary and living trusts. A testamentary trust is set up only after the benefactor's death, when the person's will is put into effect. On the other hand, a living trust is established during the benefactor's lifetime.

Defining power of attorney for Colorado residents

When someone is granted power of attorney, that person is authorized to take action on behalf of another individual. What a person is authorized to do can be broad or limited in scope. In most cases, an individual is granted the power to make decisions for another person when some predetermined event occurs in the future.

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