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

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.

Continue reading
  693 Hits
693 Hits

Suggestions For A Successful Mediation

Prior to mediation, attorneys should meet with their clients and discuss a realistic settlement result. If the client has an unrealistic outcome that cannot be achieved or the client is not prepared to compromise then mediation will not be successful. The Confidential Settlement Memorandum should discuss various settlement scenarios. Coming to mediation with several creative ideas to settle the case will foster more meaningful negotiations by the mediator with the parties.  Below are a few suggestions regarding mediation: 

Continue reading
  775 Hits
775 Hits