What do a collection of Christmas ornaments, hand-written recipe cards, a set of Flow Blue china, a grandfather clock or a piece of costume jewelry have in common? They may carry sentimental value.
The general rule is that each party pays their own attorney fees. There are, however, exceptions.
Serving as the executor of an estate is a privilege often extended to a trusted friend or relative. But the privilege comes with considerable responsibility and involves numerous tasks that can go awry.
As the summer ends and school starts, the family vacation(s) in the mountains or lakes are also winding down. Maybe there is still one left over the Labor Day holiday.
A recent Facebook advertisement from the New Yorker linked to a piece written by Norah Ephron from an October 2010 issue. The stages that she describes are still apt today.
After recently writing about the duties of a fiduciary, we wanted to follow up with a post on available remedies if there is a breach.
Probate in Colorado is required to transfer assets to heirs if an estate contains more than $50,000 of personal property or real property (for example, a home in Cherry Creek or a condo in Steamboat). This low threshold means your estate may be destined for probate if you fail to take any action.
When a share in a closely held family business or piece of land (i.e. the family vacation home) is passed down, it generally qualifies for a discount in value. This is because it is much harder to sell these minority stakes.
Probate is an integral process to estate administration. Simply put, probate is the process of which a person's property is distributed to the appropriate parties. Probate takes some time because the wishes of the deceased person are usually outlined in a will, and then the property and assets must be collected -- before debts are paid and the beneficiaries eventually receive what the will says they should receive.
A well-established estate plan clearly defines the beneficiaries who will be receiving your assets when you pass away. Beneficiaries are named for assets such as mutual funds, IRAs, retirement plans, life insurance documents, brokerage accounts, bank accounts, 529 plans and annuities. A mistake that some Colorado residents end up making involves failing to update designated beneficiaries when circumstances change. For example, if you get a divorce but never remove your ex-spouse as a beneficiary, some of your assets could end up going to your ex regardless of what's stated in your will.