Colorado residents who are looking for worthy recipients to list as beneficiaries of some or all of their assets after their death might want to consider the American Society for the Prevention of Cruelty to Animals.
When engaged in estate planning, individuals and couples often explore a very wide range of options. While typically they will work with professionals to do the planning, it can help to have some knowledge about the options before discussing them. One option is a trust.
What if you have a loved one who is disabled or unable to care for him- or herself, and you want to make sure he or she is financially taken care of if something happens to you -- or you just want to put aside some money for him or her? This is when you should contact a Colorado estate attorney and set up a special needs trust. Whether your loved one is an elderly parent, a mentally impaired child or a disabled spouse, a special needs trust has some significant benefits when it comes to protecting assets you wish for them to have.
A trust may be modified under Colorado law for a number of reasons. Circumstances may change so that the trust no longer effectively carries out the wishes of the settlor. Terminating a trust early or modifying its terms is not generally a simple process. Modification is controlled by the wording of the trust itself. Any other document, such as a will, is not sufficient.
Colorado residents who are new to the subject of estate planning may be interested to learn more about the various kinds of trusts that are available. Trusts fall into two general categories: testamentary and living trusts. A testamentary trust is set up only after the benefactor's death, when the person's will is put into effect. On the other hand, a living trust is established during the benefactor's lifetime.
One of the most important estate planning issues for Colorado residents may be having enough money saved to address living expenses during retirement years. Without sufficient funds, there could be the need to get rid of some assets in order to handle the costs of living. Whether or not enough money has been saved, however, an estate plan is important for prescribing how one's remaining assets will be distributed after death. With a revocable trust, these directions can be changed as often as necessary to account for changes in holdings based on the liquidation of bad assets or the decrease in value of a good asset.
The death of famous actor Paul Walker in November of last year was a tragedy that left fans of his movies devastated. While there are often many lessons that can be learned from tragedies such as this, an important but possibly overlooked lesson includes how the deceased person's estate is handled. It's safe to say that Walker had more assets than the average person in Colorado -- he was worth around $25 million including the real estate he owned, which was worth around $8.5 million. Nevertheless, the setup of Walker's estate may provide some insight and useful estate planning lessons to people with much fewer assets, especially with regards to trusts.
A portrait of the late actress Farrah Fawcett, painted by art legend Andy Warhol, has an uncertain fate. Fawcett's will decrees that all of her artwork is to be given to the University of Texas at Austin. However, Ryan O'Neal, her partner for 30 years, claims that Warhol gave the painting to him as a gift. The dispute has resulted in a court proceeding which will ultimately decide where the painting should end up.