One of the most important things to consider when creating an estate plan is who to name as your estate executor. It is a big responsibility with potentially minimal reward. You could choose a family member or friend. Alternatively, you could opt for someone who does...
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Estate Administration & Probate
How do I pay creditors when executing an estate?
When you are made the personal representative of someone's estate, one of your jobs will be to settle any debts. You need to take care about how you do this. Do not be tempted to prioritize those who shout the loudest. Under Colorado law, there is a specific set of...
Is an executor stealing from an estate?
An estate executor has the important job of upholding the estate plan. It may be just a simple will, or it may be a complex plan with numerous assets. Either way, it is the executor’s job to adhere to the wishes expressed in those documents. For instance, the...
Colorado law, user agreements and your legacy of digital assets, part 2
In part 1 of this post, we talked about the importance of taking inventory of your digital assets and making long-term decisions about what you want to happen to each one, either before or after your death. We also discussed the kinds of digital assets that people...
The changing landscape of estate planning for digital assets, part 1
In developing a comprehensive estate plan, one major issue is to see that your family members or the personal representative of your estate will be aware of the scope of your digital assets. Otherwise, they would not know where to look beyond the usual resources like...
Colorado divorce: Automatic revocation of gifts to ex-spouse in will
While caught up in divorce proceedings, it is easy to forget the importance of updating your estate plan. While it is likely that your spouse was the main beneficiary and fiduciary (person given legal responsibilities in your affairs) in your estate plan, it is...
Choosing a personal representative for your Colorado estate
A key decision when writing a will is the choice of who will serve as the personal representative of your estate after your death. The role of the personal representative – also called an executor – is to administer your estate, including wrapping up your...
How to bequeath items of personal property to family and friends
Most people have a broad idea of how they want their estates to pass to others after their deaths. For example, it might make sense for a particular individual that most assets go to a surviving spouse, to surviving children or to a charity. But what about individual...
Be sure beneficiaries are correct for assets that transfer on death
Your estate plan may use a variety of documents like a will or trust to transfer property to others or for the benefit of others during your life or at death. One way that assets can transfer is through a beneficiary designation on particular kinds of accounts or...
Consider a will, the basic building block of estate planning, part 3
A will is probably the part of an estate plan with which Coloradans are most familiar. Today we will talk about how a will can help with the orderly winding down of your affairs after your death in the way that you direct. Distribution of propertyMost people first...
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