1. How Do I Talk to Loved Ones About Estate Planning?

Answer: It isn’t always easy to talk with loved ones about your estate plan or ask about what their estate plan entails. There can be many reasons for resistance: a desire for privacy with personal matters, a fear of conflict during the discussion, frustration over hard to answer questions that come up, and the fear of the conflict during the discussion. Read more

2.   Do I need a Revocable Living Trust? What is the difference between a Will and a Revocable Trust?

Answer:  Both a Will and a Revocable Living Trust provide for a distribution of your assets upon your death. Colorado, unlike other states, is blessed with a very efficient and streamlined probate process so there is no need to fear probate. Even with a simplified probate process, Colorado residences may still benefit from a Revocable Living Trust if you own real property in another state, have children under eighteen (18) years old, want your designations to remain private or wish for a seamless transition in managing your assets if there is concern about illness, frequent travel, diminishing capacity, or any other reason you wish for a co-trustee to take over the management of your assets. Read more

3.  How should I leave my Assets to my Children, in Trust or Outright?

Answer:  Assets can pass in many creative ways to the next generation, but the most common decision is to either leave assets outright, in trust until the children reach certain ages, or to leave in a lifetime trust for the benefit of a child with your grandchildren as remainder beneficiaries.

4.  What is a Fiduciary? How is it different from a Personal Representative, a Trustee or an Agent under a Power of Attorney?

Answer:  A “Fiduciary: is a person or entity entrusted with the care and management of assets or responsibilities for another person. The Personal Representative of an Estate (named in the decendent’s Will), the Trustee of a Trust, or an Agent named under a Power of Attorney are each considered fiduciary with distinct duties based on the specific relationship.