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

3 Reasons you do not want to die without an estate plan

| May 25, 2016 | Estate Administration & Probate |

While we do not usually cover celebrity issues on this blog, the news that Prince died without a will or estate plan in place was a shock. But it comes with a lesson. Now, right now is the time to move estate planning from the back burner onto a “to do” list.

An untimely death at 56 is never expected. Nor is a car accident that takes the life of a new parent. These are tragedies, but you can have a plan in place to protect loved ones and limit the confusion and costs tied to administering what you leave behind. In this post, we will discuss intestacy (legalese for dying without a will).

Probate court proceedings

When you die without a will or an estate plan, a judge must appoint someone to find you heirs, transfer property and pay remaining debts. The court will also oversee the probate process. Your estate will be divided according to Colorado intestate succession laws.

If you have minor children, a judge will appoint a guardian. This may not be the person you would have selected.

Costs and taxes

The costs of probate along with court-appointed executor fees are much higher than what it costs to create an estate plan in the first place.

Depending on the size of your estate, you could lose a good portion to estate and inheritance taxes. For Prince’s family the process will likely be drawn out and chaotic. A large tax bill will be assessed on a wide range of assets from music rights to intellectual property.

Loss of control

When you do not have an estate plan, you give up any ability to give a gift to a close friend or distant relative. When there is no surviving spouse, then property passes to children, grandchildren, parents or siblings. This could mean that someone you never got along with inherits the assets you worked so hard to acquire.

An experienced attorney can explain the steps needed to create an estate plan. Protect loved ones if anything were to happen to you by starting the process today.

Source: Forbes, “5 Things Prince’s Family, And You, Should Know About Estate Planning,” Winnie Sun, May 18, 2016

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