Chayet & Danzo, LLC Chayet & Danzo, LLC
Law Pay

Call for a Free Initial Consultation

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


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

Beneficiary designation to estate plan

Ask around and you will find that many people don’t have an estate plan. They may not even know what makes up an estate plan. This was just the case today at a Starbuck’s. A question about an estate plan was met with question of “what is an estate plan?” This was followed by laughter that only debt would pass to the barista’s parents.

But then he mentioned Fidelity asking him to set up a beneficiary designation. In addition to inspiration for a blog post, this short exchange lends itself to a discussion of why beneficiary designations are not enough.

What makes up an estate plan?

An estate plan is a mix of documents that varies based on your circumstances. If you are a single person in your 20s like the barista, it might be a simple will, power of attorney and a living will. But these instructions ensure your wishes are known and can be followed if anything were to happen to you.

A parent of young children really needs to have a will to designate a guardian for minor children. Recently, a rollover crash took the life of a mother of young children. Apparently, she was not properly belted in her seat and was thrown from the vehicle. Her two young children survived, because they were properly restrained. This just illustrates that accidents can occur at any time.

For someone in their mid-50s with a successful family business or ranching operation an estate plan is going to be a little more complicated and may include one of more trusts. Having a child with special needs may also require a trust to ensure that necessary government benefits are not affected.

Why aren’t beneficiary designations enough?

Beneficiary designations are a start and should serve as a prompt to call and speak with an estate planning attorney. While they play a role in transferring assets from retirement and bank accounts, they are limited. For instance, who would make medical decisions for you if you were incapacitated? 

A friend once mentioned she felt like an adult after completing her estate plan. Each individual and family can benefit from a tailored estate plan. Find out more and schedule a time to put a plan in place.

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Toll Free: 1-888-472-1088
Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
Edwards, CO 81632

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet
  • Rated by Super Lawyers Frank J. Danzo, III
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell