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What’s the Best Way to Handle My Rental Properties in My Estate Plan?

Co-Author: Mara B. Peterson, Esq. Using Revocable Trusts and Limited Liability Companies in Estate Planning If you are someone who owns real estate, particularly if your properties are used for rental purposes, there are many important legal and tax considerations for these properties in an estate planning context. Without proper estate planning, these assets could … Continue Reading

Why should I set up a Revocable Trust?

Our law firm frequently encounters clients who have either previously set up a revocable trust or are interested in establishing a revocable trust.   A revocable trust, otherwise known as a “living trust,” is a legal document established to hold ownership of assets during the lifetime of the person who creates it.  The party who establishes … Continue Reading

Adult Children

Under Colorado law, your child becomes a legal adult at age 18. Parents who still think of themselves as protectors and advisers, even after their children become legal adults, often do not consider the real-world implications of that milestone birthday. It is important, as parents, that you understand what legal documents your adult child should … Continue Reading

Important Documents

An important part of estate planning that is often overlooked is the creation of an “Important Information and Documents” folder. This may be either a physical or digital folder, and it should contain your important information and documents, that is, the items your loved ones would need if something were to happen to you. Organizing … Continue Reading

What is Probate?

Probate can be an overwhelming and stressful prospect. Understanding what probate means is the first step to navigating your way through this process. Probate, also called “estate administration,” is the process by which a deceased person’s will and property are handled in court. A probate case may be required even if the deceased person, called the … Continue Reading

Dealing with Probate

You have probably heard the word “probate,” with its negative connotation, and wondered, “What is probate, and do I need to worry about it?” Simply put, probate, also called “estate administration,” is the process by which a deceased person’s will and property are administered by the court. A probate case may be required even if the … Continue Reading

How is Colorado real estate transferred when an out-of-state owner dies?

When someone dies owning Colorado real estate, a probate administration is necessary to transfer the property, either to a buyer or to the estate beneficiaries.  If the property owner died while living out of state, the type of probate proceeding necessary to transfer the Colorado real estate depends on whether a probate administration has been … Continue Reading

What Happens When Someone Dies Without a Will?

A will is the roadmap that directs what happens to someone’s probate assets when they die.  The will also nominates a personal representative to administer the estate.  But what happens when someone dies “intestate,” or without a will?  In those situations, the Colorado Probate Code directs who inherits from the estate and who has priority … Continue Reading

What is a Personal Representative’s Deed?

When someone dies owning an interest in real estate, the legal instrument used to convey the property is a Personal Representative’s Deed.  In the deed, the Personal Representative (“PR”) of the estate transfers the deceased owner’s interest to either a third-party buyer or an estate beneficiary. Does a Personal Representative’s Deed Require a Probate Administration? … Continue Reading

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