My mother who had ALzheimer gave my sister POA and 14 months before she died, my sister made herself beneficiary on my mother bank accounts.. They lived in Ohio and I live in Colorado. Bank accounts are not part of the probate. Bank will not give me my mother's account history because, pretty... Read more »
answered on May 20, 2023
It sounds like you will need to pursue this in Ohio. Jurisdiction attaches where the person who passed away lived when they died. Since your mother did not live in Colorado when she died, Colorado would not have jurisdiction over this matter, so you could not purse this here.
Generally... Read more »
answered on May 20, 2023
As a process, it is not inherently difficult, though you definitely need to obtain the assistance of an experienced estate planning attorney to accomplish it.
That said, Trusts can range from relatively simple to extremely complex. It will depend on what you want to accomplish with the... Read more »
My dad was named as an heir in my grandmother's will. He preceded her in death, but the will was never updated. Am I eligible for his share? I am his only child, and he was never married. The Colorado code that governs it I believe is § 15-11-603, but I don't quite understand the legal... Read more »
answered on May 18, 2023
This response is generalized information related to Colorado inheritance, and is not legal advice specific to your situation.
Gifts made in a Will are sometimes given special attributes, conditions, or rules. A gift that fails to meet the conditions required in the Will can... Read more »
answered on May 18, 2023
This is kind of like rebuilding the engine of a car. You can rebuild a car engine yourself; there is no law that requires you to hire a certified mechanic.
But you may not know how to rebuild a car engine because you lack the training and experience.
Similarly, unless you are... Read more »
answered on May 18, 2023
I'm sorry to hear of your husband's passing. In Colorado, no attorney is needed to be appointed as the personal representative of an estate. A personal representative is given several responsibilities, such as collecting all the deceased person's possessions, making gifts of the... Read more »
The value of the property is $395,000 In the amount owed is $330,000 and the net value equity is $65,000 and the outstanding debt is 20000 and the down payment was 12,000 which was paid in full by my wife and they are offering me 5,000 for to buy me out and they offering me a chance for me to not... Read more »
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answered on Apr 21, 2023
Good morning,
I think this is better posed as a math question. There are allot of factors to this question that are not shown here including your risk tolerance, the cost to sell the house, the real FMV. I would think 1st you would need to establish if there is a presumption that you are... Read more »
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answered on Apr 20, 2023
Thats a hard one because people store their wills in different locations.
I would start by digging through the house, safes, deposit boxes, and so on. If you can't find it, then you need to broaden your search.
You may wish to start checking with public sources where your... Read more »
Or is the property subject to the tax break the irrevocable trust receives?
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answered on Mar 29, 2023
Irrevocable trusts must distribute all income to beneficiaries each year, which makes the trust a pass-through entity. Those beneficiaries pay the taxes on income. However, capital gains are not considered income to irrevocable trusts. Instead, capital gains count as contributions to principle in... Read more »
Or is the property subject to the tax break the irrevocable trust receives?
answered on Mar 29, 2023
Is the real estate taxable by the government? Yes.
Or is the property subject to the tax break the irrevocable trust receives?
It also would receive any tax breaks as well as being taxable.
It's still taxable when the tax assessed is $0.
That's going to... Read more »
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answered on Mar 28, 2023
“Heir”: An heir is someone who’s legally entitled to inherit your assets if you die intestate, meaning you pass away without a valid will or trust. Your heirs are people related to you by blood or marriage, like your spouse or children. If you die without an estate plan, your heirs will be... Read more »
To hear from someone since 2015. 4-3-2015 was when he deceased. Last spoken to anyone was 11-12-2014.
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answered on Mar 13, 2023
Obviously you have waited too long to look for a legacy. If a devise was made with other devisees, then some of them might have paid taxes. Look in the property records where you think the decedent's lands might have been, and see if there might be property where you were one of the... Read more »
She just got her drafted will from whoever drafted it in Colorado, but she currently lives in Texas. Can she get it signed/notarized in Texas? Would it still be considered legal since it was drafted in one state and notarized in another?
answered on Mar 8, 2023
Generally, Wills are made under the laws of the state where a person lives. A complete, valid, signed, notarized, and witnessed Will made in any state is usually good in other states, meaning a person with a completely formed Will can move to a new state and the Will is still valid. Unfortunately,... Read more »
answered on Mar 6, 2023
For answering your question, I presume you mean that you signed the will as a witness. Generally speaking, a will is still valid on its face when signed by the testator (creator of the will), signed by two witnesses, and notarized. Here are some points to consider:
Under Colorado law, a... Read more »
answered on Feb 20, 2023
Your goal to create an anonymous beneficiary is more common that you might think. This is not legal advice specific to your situation, but is instead a general answer to your question and point you may wish to consider with your attorney. One way to keep a gift private is to use a Trust, and... Read more »
My child’s paternal grandmother is a addict and a child abuser and is not allowed around or alone with my child until he turns 18 preferably 21 years old
answered on Jan 25, 2023
The answer to this is essentially a 2 part answer.
First, yes, you absolutely have the right to express that in your Will. There is broad freedom to include things in your Will. That includes statements about who you prefer to finish raising your minor child, conditions around any... Read more »
How can I protect my separate assets (cash, savings, car) from my spouse’s potential future debt claims (IRS seizure, collection lawsuits from business and credit card creditors)? Divorce is not anticipated. This is in Colorado.
answered on Jan 25, 2023
This can be a tricky question, and it is my understanding that the answer may vary for different purposes, so it would be wise to also get opinions from a bankruptcy attorney and a tax attorney as well. This answer is going to be from an estate planning and family/divorce perspective. I do not... Read more »
My father passed away and most of his debt is in his name only. There was no will and the only evidence I have is my mom listed as the beneficiary for both his life insurance and retirement plan. Is that money safe or can creditors take from there? What about their house, is that at stake with... Read more »
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answered on Jan 16, 2023
Allot of this really depends. If I recall, If the debt is solely in your father’s name, I would think his estate would be liable for the debt. If the debt was in both your mother and father’s name, then you mother could be jointly liable. If the debt was attached to a security interest such as... Read more »
My father passed away and most of his debt is in his name only. There was no will and the only evidence I have is my mom listed as the beneficiary for both his life insurance and retirement plan. Is that money safe or can creditors take from there? What about their house, is that at stake with... Read more »
answered on Jan 16, 2023
Generally, your mother is not responsible for his debts. One exception is "family purpose" debts-such a medical bills, housing, food etc. Those creditors would have to sue her to establish her liability. In terms of probate, the life insurance and retirement plan should pass according to... Read more »
Her recovery is not going well and she might not leave the hospital. As the executor do I have a fiduciary responsibility to file a claim with the building owner's insurance company to protect her estate from the mounting medical bills?
answered on Dec 28, 2022
First, I am very sorry to hear this happened to your mother. That is a difficult situation, even without the legal implications.
At this time, it is important to keep track of legal roles. An executor, or personal representative, does not have any duties until the person has passed.... Read more »
Does a Trust need to be created to to have the house transferred to his name? At one point she sold her house without any knowledge of what she did, but we were able to get it reversed given elder abuse from a realtor.
answered on Dec 27, 2022
You don't mention whether your mother-in-law resides in Colorado. The following answer presumes that she does. If she lives in another state, an attorney in that state should be consulted to learn the proper procedure there. If your mother-in-law is no longer capable of making rational... Read more »
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