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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

Defining some of the more complex terms in estate planning

| Jan 21, 2016 | Estate Administration & Probate |

As we have written about time and again, estate plans are incredibly important. They are also very complicated, with a lot of moving parts and terms that many people don’t know or understand. Because of this, putting together an estate plan is an intimidating task that many people put off. So today, let’s take a look at some of the crucial terms involved in estate planning in an effort to relieve some of that intimidation when it comes to putting together your estate.

First of all, if you die without a will then that means you and your estate are intestate. An administrator will be appointed to your case by a court to help manage your estate. If you have a will, you will name your own administrator, which is called an executor. He or she will collect debts, organize property and manage your estate after you pass away.

When a person or institution is responsible for you estate, they are called a fiduciary. You will remember this from the term “fiduciary duty,” which relates to the fiduciary owing you a duty (i.e. they must act responsible and do the best they can to execute and manage your affairs after you pass away). A trust is similar to will, except that this document gives property to one person for the benefit of another person.

There are plenty of other critical terms, process and steps that need to be taken when crafting an estate plan, so please consult with an attorney if you are in the middle of such a process.

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