Chayet & Danzo, LLC

Call for a Free Initial Consultation

Direct 303-872-5980
Toll-Free 888-472-1088
Email Us

COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday – Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication:
guiding colorado families and Their Trusted Advisors During Times of Need

On probate, and what it means for the testator and family: Part 2

| Oct 7, 2015 | Trusts |

In our last post, we began a two-part discussion of probate: what it is, how it works and what you can expect if you are involved in the probate process. We also mentioned that probate can lead to some financial costs and fees, which naturally leads to this question — can you avoid the probate process?

You can, in fact, skip the probate process. However, that doesn’t mean it is a guarantee. Certain states have laws that allow for certain cases to skip the probate process. Usually the estate in question must have a value that doesn’t exceed a certain financial threshold to qualify for skipping the probate process.

However, if you are putting together your estate plan right now, you could utilize three process to protect your estate from probate:

  • Joint ownership with the right of survivorship: What this means is that a piece of property or asset is jointly owned. When one of the owners dies, the other owner automatically assumes control of the property or asset. It inherently skips the probate process.
  • Gifts: This is a simple one. before you die, if you give away your assets or property, then it won’t be involved in the probate process at all — because it is already owned by someone else.
  • Revocable living trust: Under this trust, you transfer your property to someone else, on the condition that they obey the conditions of the trust (which you set forth). The other person would own your property, but only so long as that person stays in line with the rules of the trust, and thus, that property would avoid probate. 

Source: FindLaw, “Avoiding the Probate Process,” Accessed Oct. 6, 2015

Archives

Co-Counsel Services for
settling of Personal Injury and Divorce Cases

Read More

Important intake forms

Prepare for your Meeting

Our Elder Law & Estate Planning Blog

Read Weekly Updates

Join our mailing list

Sign up here

FindLaw Network