If you have more kids on the way (or your first!), there is no better reason to do your estate plan SOONER rather than later. Of course your first child is no less precious than your second, third, and fourth, and even if growing your family tree is on your mind, it should be important to every parent to name a guardian for your children ? a guardian who shares your parenting philosophy and who you trust implicitly. So how do you make sure your estate plan covers your children not yet with their pretty little feet on this earth? It?s easy. In your Nomination of Guardian, Last Will & Testament, and Living Trust, you refer to ?your children? as your current children as well as any future-born children. This ensures that your kids who have arrived are protected, and your kids who are born after you do an estate plan are protected as well, even if you haven?t updated your estate planning documents in the meantime. With your Nomination of Guardian, you tell a Colorado probate court who you want appointed as the legal guardian of your children if you and your partner are unable to take care of your kids. You have the opportunity to decide well ahead of any situation who your children live with, learn from, and are raised by. If you are an attachment parent, it may be important to you to choose a guardian who will continue with attachment parenting. If it is important that your children go to church every Sunday, you may want to choose a family who will make that happen. And if you name a couple as guardians, you want to specify what happens in the event of divorce. But the most important point is that you should never wait on nominating a guardian just because more children are on the way. With your Will and your Trust, you name your heirs and who gets what. If you?re pregnant at the time of creating your estate plan, whether with your first or fourth, your estate plan will make sure that ALL of your children are treated equally, even if they are born after you sign your estate planning documents. So don?t forget ? estate planning shouldn?t wait until you hear the little pattering of feet in your home. Planning ahead is about planning for your family and your future ? and gaining invaluable peace of mind while your family tree is growing!
Source: blogspot.com
Video: Colorado Probate Sucks?But We?re Here to Help
Colorado State Judicial Branch Revises Several Probate Forms
Down for Everyone or Just Me?: You?re on the Internet, but you can?t get a website to pull up. It could be that the website is down, or it could be something on your end. Perhaps your Internet connection is down or is being slow, or maybe there?s a problem with your computer. The next time you?re having trouble getting to a website, check out this website. Click here to read more.
Source: cbaclelegalconnection.com
Ontario Certified Real Estate Agents along with Maternity Leave
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Source: sacramentoprobatelawyer.us
Colorado?s probate courts riddled with neglect, lack of accountability, report finds
Drawing on a lengthy review of 48 cases selected from six judicial districts, the auditors found that probate court judges and their staffs often do an inadequate job of screening individuals appointed to manage the estates and affairs of ?protected persons;? nearly half the time don?t receive required annual reports from guardians and conservators detailing estate assets and expenditures; frequently don?t review the reports they do receive to determine if expenses were legitimate; and miss glaring problems in the reports, such as a conservator charging nearly $12,000 for ?guardianship fees? before a guardian was ever appointed in the case.
Source: westword.com
National Association to Stop Guardian Abuse: The Issue: Can Court
Daniel Gross, 85, was suffering from a leg infection when he visited his daughter in Waterbury, Conn, in 2002 and had to be taken to a local emergency room. After Gross spent nine days in the hospital, a hospital social worker asked the Connecticut probate court to appoint a conservator for him. The judge agreed, and from there, things spun out of control. Gross was sent to a nursing home and kept there for more than 10 months, unable to freely visit with his family. At one point he was attacked by his roommate, a convicted felon. An attorney won his release, but before Gross died in 2007, he sued his lawyer, the conservator, and the nursing home. According to legal briefs, his attorney failed to challenge the conservatorship despite Gross? request, and his conservator failed to oversee Gross? financial affairs. The federal District Court threw out the lawsuit in the spring of 2008, saying that Gross? conservator and his lawyer could not be held liable for their actions because they were appointed by a probate court. The case then went to the 2nd Circuit Court of Appeals, which concluded in October 2009 that the case should be resolved in state court. In April, the Connecticut Supreme Court sided with Gross. The high court did carve out an exception ? that immunity could be granted to a conservator if a probate court approves his or her actions. But it also ruled that the conservator can be sued for harm or loss to the person under conservatorship. The case is expected to be referred to the trial court where it began. A jury will then decide whether to hold Gross? court-appointed lawyer, the conservator and the nursing facility liable. Full Article and Source: AARP Bulletin: The Issue: Can Court-Appointed Conservators Be Sued?
Source: blogspot.com
Living Will: Understanding and Utilizing Colorado Probate Laws
For the sake of simplicity we?ll use the term executor here. The executor is designated ahead of time in the decedent?s will. Colorado probate laws designate that the next step is for the executor to have a Notice of Creditors printed in a local newspaper (usually in the classified ad section). A Notice of Administration is then sent to creditors. This advises them that the decedent?s accounts are now in probate and the creditors have a specific amount of time to file a claim in court against the estate if they are owed money.
Source: blogspot.com
Search for missing toddler turns to Colorado
Alexis Hodges, 3, is believed to be with her mother, Amanda Babcock (middle) and her boyfriend, Jeffrey Kucka (right). Babcock and Alexis? father, Michael Hodges, who was recently granted full custody, is estranged from Babcock and believes she may have taken their daughter to Colorado.
Source: thetranscript.com
Wyoming Trusts for Colorado Residents: Reduced Income Tax, Asset Protection, and Other Advantages
Even if the favorable PLRs are not distinguishable from Revenue Rulings 76-504 and 77-158, WINGs should still be distinguishable from the powers of appointment held by the Revenue Ruling trustees in the Revenue Rulings because a WING beneficiary can never serve as trustee. According to the Revenue Rulings, the trustees were beneficiaries and deemed to hold general powers of appointment because there were no substantial interests in the trust property adverse to the exercise of the power in favor each other. If the surviving trustees would jointly succeed to the power of a dying or retiring trustee, those trustees would have substantial adverse interests by virtue of the fact that they would have an incentive to deny giving each other permission to appoint property because that would reduce the amount of property they would hold a power over after another trustee resigns or dies. But if the trustees must share their powers with each others? successor trustees, no such incentive exists because they would have no greater power over the property than they did before the trustee resigned or died. Consequently, such trustees were held to have general powers of appointment and the value of dying trustee?s proportional share of the property was included in that trustee?s estate at death.
Source: commonsensepolicyroundtable.com
Related posts:
- Minnesota Wills, Trusts, and Probate
- Reaching Your Financial Goals: The Language of Wills
- Free Legal Question: Wills and Trusts
- Free Legal Question: Wills and Trusts
- Duties of Custodians Who Locate Wills
Source: http://probatecourtco.com/wills-wellness-what-if-more-kids-are-on-the-way/
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