Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

Annual Review Checklist

January is the perfect time for the annual review of estate plans, particularly if you have had significant changes in your life such as deaths, relationships or assets. Here are a few questions to help get started.

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Selecting Your Trustee

Selecting your trustee is one of the most important decisions to make when creating a revocable trust. The trustee is a fiduciary with the legal obligation to carry out the directions set forth in the trust agreement. The responsibilities and duties include collection and management of assets, preparing tax returns and distributing the income and principal of the trust as the document sets forth.

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Beneficiary Designations May be Dangerous to Your Estate Plan

Traditionally, the central document in an estate plan was a will or revocable trust. For many people, that continues to be true, but it is now possible to pass almost any kind of property outside the terms of your will. For example, this can be done by adding the beneficiary as a joint owner on a bank account, by naming the beneficiary as a “pay on death” (POD) or “transfer on death” (TOD) payee on a stock or securities account, or by signing a “beneficiary deed” that names a beneficiary to become the owner of real estate when you die. Colorado recently added automobiles to the list of assets that can pass by a TOD beneficiary designation. These arrangements, which I refer to generically as “beneficiary designations” can be useful, but they can also seriously disrupt a careful estate plan if they are done without care and appropriate advice.

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Timeline for Preparing and Updating Wills and Trusts

The law allows a person to sign binding contracts including Wills at age 18, the age when young adults should begin to plan to avoid financial and medical complications in the event of debilitating illness, injury or death.  Wills, Medical and Financial Powers of Attorney, and Advanced Directives are the basic documents that every person should have in place.

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News of the Firm

We are very pleased to announce that Gary T. Potter joined our firm on July 1, 2016. Gary’s practice will continue to focus on Estate Planning, Probate and Trust Administration. Before beginning his career in the private practice of law, Gary served as a Deputy Colorado Attorney General, Inheritance Tax Division; as a Vice President and Trust Officer with First National Bank of Denver Trust Department; and as Vice President Marketing of Integrated Resources. Gary has served on numerous boards and in leadership positions throughout his career including the Denver Trust Officers Association, Teachers Award Foundation, Craig Hospital Board and the Colorado Golf Association, to name a few.

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