Recently, two large chalkboards were propped against the wall next to Purple Door Coffee in the Five Points neighborhood. The question posed was not typical coffee shop fare. Written across the top, the sentence started, “Before I die I want to….”
This process is one that few people think about until they have to figure out how to deal with the estate of a loved one. For many this first-time involvement with the probate system illustrates the mess that can be left behind without proper planning.
For those getting a divorce, a beneficiary designation on a life insurance policy is not usually top of mind. And for that reason, states including Colorado, have passed laws that an ex-spouse beneficiary does not receive life insurance proceeds after a divorce unless there was an affirmative designation after the divorce.
In our post last week, we discussed the acceptance phase when you first learn a child or grandchild has special needs. This post is a reminder on the various tools – both old and new – available to ensure financial resources are in place without affecting government benefit eligibility.
It’s not every day that a late-night show takes on the topic of guardianships (in Colorado these are two appointments – a guardian makes decisions about well-being and a conservator handles finances). The Last Week Tonight segment with John Oliver began with this unfortunate fact: it is all too easy for a stranger to take control when a senior starts to fail.
The Colorado Court of Appeals recently affirmed the probate court’s holding that the former conservator and brother of a woman with mental illness had breached his fiduciary duty and engaged in theft when he converted his sister’s assets to benefit himself and his children.
For a parent or grandparent, the realization that your child or grandchild has special needs can be difficult to accept.
With any Colorado estate that requires probate court review, a final accounting summarizes receipts and payments during the estate administration process and remaining assets to disburse to heirs. The Colorado Judicial Branch provides standard forms that can help with organization.