In today’s post, we continue our discussion of the factors to consider when deciding whom to name as the trustee in a trust. In part 1, we talked about some of the reasons people ask relatives and friends to serve as trustees.
At our law firm, our work often involves trusts. We help people set up trusts during their lifetimes such as revocable living trusts and special-needs trusts. Some clients arrange for testamentary trusts that take effect at death through provisions in wills.
As a country, we tend to avoid talking with our loved ones about the inevitable: our deaths. As 5280 Magazine recently put it, “we … tend to separate ourselves, emotionally and physically, from both the ugliness and the beauty of our inevitable ends.”
On October 26, The Denver Post published an article about the petition Bill Bowlen had just filed in Arapahoe County District Court asking the court to review the actions of three agents appointed to act on his brother Pat Bowlen’s behalf pursuant to a power of attorney. As is well known in Colorado, Pat Bowlen, the owner of the Broncos, suffers from severe Alzheimer’s disease.
In the past week, we have talked about the power of attorney as a component of your estate plan, including what to look for in choosing your agent and his or her legal duties. Today, we will discuss the kinds of powers and responsibilities you can delegate to your agent using your power of attorney.
Today we continue our discussion of the financial power of attorney in Colorado estate planning. Specifically, we will touch on what is important to consider as you decide whom to name as your agent.
At Chayet & Danzo, LLC, we sit down with Colorado clients to learn about their concerns and goals for financial security during their lives and the financial protection of their loved ones now and into the future. Under Colorado law, many estate planning tools exist to help our clients meet those goals. Today we will talk about one of them: the financial power of attorney.
At our Colorado law firm, our attorneys act when appointed by courts throughout the state as guardians ad litem in court proceedings involving vulnerable individuals like children, people with intellectual disabilities and incapacitated persons of any age, including elders. The job of the GAL is to investigate how the proceeding impacts the vulnerable person and advocate for his or her best interests before the court.
The short answer to this question is that a personal representative is the person the court appoints to administer the estate of a deceased person. A valid will may control the estate or if none exists, according to the Colorado intestacy laws.
The National Council on Aging reports that approximately one in ten seniors over the age of 60 have experienced some form of elder abuse. The term itself is very broad and encompasses physical, sexual or emotional abuse along with financial exploitation, neglect and abandonment. What are some of the warning signs?