Estate planning is a process that requires open communication between the client and the attorney. The Nettleton Law Firm provides this one on one service enabling us to counsel each individual on the proper options to fit the needs of their estate. Estate Planning includes exploring the applicability of Trusts, Wills, Power of Attorney, and Living Wills. There are two basic types of trusts, revocable and irrevocable. A will is used to pass on assets to entities such as individuals, charities, and trusts. Perhaps the most important document in an estate plan is a General Durable Power of Attorney. The General Durable Power of Attorney names a person to take care of an incapacitated person’s financial affairs. A living will allows an individual to document their wishes concerning life prolonging medical treatments
There is no one size fits all.
Probate is the judicial proceeding required to transfer title of assets to the deceased person’s heirs or beneficiaries. This proceeding is necessary whether the decedent had a will or whether they died without a will, also called intestate. In Colorado, if all assets of a decedent are less than $64,000, then a small estate affidavit can be used to transfer that property, rather than open a probate with the court. However, if any real property is owned by the estate, a small estates affidavit may not be utilized, and a probate must be opened. The Nettleton Law Firm can help you in this difficult time to understand what must or should be done in dealing with a decedent’s estate.
Guardianships and Conservatorships for adults become necessary when a person loses the capacity to make their own financial and medical decisions. Often, if a person has a General Durable Power of Attorney and a Medical Power of Attorney, a Guardianship and Conservatorship will not be necessary. While a Power of Attorney shares an individual’s right to make decisions, a Guardianship and Conservatorship takes away the decision making rights of the individual who is the subject of the Guardianship and Conservatorship. A Conservatorship becomes necessary when a person is making unreasonable decisions that are wasting their assets and lacks the ability to receive or evaluate the information necessary to make those decisions. A Guardianship becomes necessary when a person’s lack of decision making ability puts their physical health and safety in danger, and self-care is no longer possible.