I know that it can be difficult to address the possibility of our own disability or death.  My approach is to make the planning process as simple and stress-free as possible.

In many cases, I can consult with a new client by telephone to obtain preliminary information and schedule a single appointment to finalize all the documents you need.  Most of my clients leave my office after one visit with their final, signed documents.  Afterwards, you will file away the documents until needed, without a further thought about disability or death.

Call or Email me to set up your FREE 30-minute consultation. 

Many general questions I am frequently asked are answered below.

Do I need a Will?
Generally, every adult should have a Will.  Having a will is the only to ensure that your property will go to the loved ones you choose.  Also, having a will is the only way to specify who should be in charge of managing your estate after you die.

In all candor, there are a small number of people who may not need a will.  However, to determine whether you are one of the few who do not need a will, you should consult an attorney.  I promise that I will advise you, without charge, whether you do need a will. If you do need a will, my usual reasonable charge will apply.

Can I make my own will?
Any will should be prepared by a capable attorney (for a reasonable charge).  The reasonable cost of having a will prepared by an attorney is well worth it.  Only an attorney can give you the assurance that will has been made in compliance with state laws and will accomplish your goals in a variety of circumstances.  The laws of interpreting wills can be very technical.  For this reason, there are many ways to innocently sabotage your plans in a will.   Even Warren Burger, (former Chief Justice of the United States Supreme Court) wrote a will for himself that was quite lacking.  Slight errors or conflicts in a will can cause serious legal problems or create unnecessary estate taxes.  Because the point of having a will is security and certainty, consulting an attorney is critical.

I am sure I would only need a Simple Will?  Am I right?
Most of my clients only require a "simple" will (meaning "simple" for attorneys to draft).  Any will that does not contain a trust or an elaborate distribution scheme counts as a “simple” will in my office.  A will does not become complex simply because a client wants to include a number of people as beneficiaries in the will.  While a simple will is sufficient for most people, you  must consult an attorney to determine if a simple will would fulfill your needs.

Who usually needs a more complex will?
The most common type of client who needs more elaborate planning in a will, whether the client is single or married, is one who has minor children.   I strongly recommend that parents include a minor´s trust in their will in case the parent dies while the children are quite young.  A minor´s trust is used to entrust the parent´s property (now the child's) to a suitable adult to manage and spend the money on the child´s behalf until the child has reached an age of the client´s choosing (21, 30, 35, etc.).  I will work with clients to include any guidelines they wish to include in their instructions to the trustee that will affect how funds are to be spent for the children´s benefit.

The second category of clients who may need a more complex will are married couples, whose combined net worth exceeds $2,000,000.  In this case, more sophisticated tax planning may be advisable to help clients avoid substantial estate taxes.  This is an area of law that is constantly changing.  For current information, you should call my office.

Of course, any client may have a particular need for more extensive planning, based on that client´s own circumstances and desires.  Consulting with a capable attorney will ensure that your will meets your particular goals.

Is a Living Trust better than a Will?
There is no single answer to this question in all circumstances.   I would be pleased to review your personal situation to see if a Living Trust is something you should consider.  In my opinion, Living Trusts are oversold by some attorneys and financial planners.  Probate can be easily be avoided in most cases with simpler, less expensive planning.  Also, Colorado´s estate administration (probate) system is usually quite simple and quick.  Estate administration also has some benefits that are lost if probate is avoided.  I do recommend that clients who own real estate outside of Colorado would benefit from a Living Trust in order to avoid probate in the other state.  In short, whether a living trust is best for you is something you should discuss with a capable attorney.

I already have a will/trust.  Do I need to update my documents?
Wills and trusts do not automatically grow stale with time.  Their suitability changes with a client´s circumstances.  I will always review a document, even if drafted by another attorney, without charge, to determine whether you need to update it.  If the document continues to fulfill your estate plan, even with your changed circumstances, I will advise you that you do not need any changes.

An experienced attorney plans against reasonable contingencies in drafting a will.  For example, if a client wants to leave all her property to A, a good attorney should ask:  "What if A dies before you do?  Then who should get the property?"  Perhaps the client would choose a person "B" that the attorney would not have contemplated.  In short, a good will should remain valid whether or not the primary beneficiary (here, "A") has died before the client.

Of course, other contingencies that once seemed remote may become more likely after an unexpected event.  For example, if our hypothetical will planned for the death of A (in which case B should receive everything), and A does die, the client may wish to plan in the event that B should also unexpectedly die (e.g., by naming C and D as beneficiaries instead of E).  In this case, updating the will is not an emergency, but may be a good idea.

What is the cost of getting a new Will?
I cannot provide fee estimates without discussing a client´s particular situation.  I can usually quote a fixed fee after a few minutes of a free telephone consultation.  In more complex cases, I provide an estimate of my fees until I have a chance to further discuss a client´s situation.

What is the cost of updating an existing Will?
I keep all Wills I have prepared for clients on my computer.  To avoid any possible problems of interpretation, I recommend that when changes are needed, we reprint the whole will with the changes made and destroy the old will.  For routine changes (changing a name, adding a name, etc.) I charge a nominal fee for this service.  To significantly change wills, or update a will that I did not prepare, my regular and reasonable will preparation fee usually will apply.

What happens if I do not have a Will?
Your property that is not directed to a particular person (through joint tenancy or a beneficiary designation) become part of your estate, whether or not you have a will.  Without a will, the law attempts to guess where you wanted your property go, generally to your spouse or closest relative(s).  Sometimes, the presumption made by law is accurate.  However, in most cases, the presumption does not accurate predict your wishes.  The only way to ensure that your property is given to the people you desire is with a will.  A will also provides you a critical opoportunity to name the person you want to run your estate when you die.

What is Joint Tenancy?
When property is owned by two people in "joint tenancy" (usually real estate or a financial account), both owners have equal rights to the property.  However, when one joint tenant dies, the other joint tenant automatically becomes the sole owner of the property (outside of the probate process), who is said to have the "right of survivorship."  Thus, if a joint tenant attempts to leave property to a third person in a will, this gift is ineffective due to the joint tenancy.

Joint tenancy should be distinguished from "tenancy in common."  Tenants in common also have equal rights to the property while alive, but one tenant in common can leave his or her half  to whomever the tenant desires; there is no right of survivorship.

Joint tenancy can be a useful method of avoiding probate, in certain circumstances.  However, for many clients, especially those who should be concerned with estate taxes, placing property in joint tenancy can be a serious and expensive error.  An experienced attorney, as part of the estate planning process, will review all your significant assets to determine whether the manner of ownership should be changed.  This is why consulting a capable attorney is critical to review your entire situation, whether or not property will pass through probate.

What is a POD or beneficiary designation?
A "payable on death" ("POD") and beneficiary designation are generally the same concept.  The owner of an account, by agreement with the institution that holds the account (e.g., a bank), can direct that the owners funds be paid to a particular person outside of probate upon the owner´s death.  A POD or beneficiary designation is different from joint tenancy because the beneficiary has no rights to the account until the owner has died.  I will always review the property beneficiary designations with you when preparing your estate planning documents.

What is a Personal Representative?
A Personal Representative (known as "Executor" in some other states) is the person appointed in your Will to handle the settlement of your estate.  He or she will be responsible for valuing assets, paying debts and administrative expenses, filing death tax and income tax returns when required, and handling distribution of your estate to your heirs.  A Personal Representative does not need to have prior experience to be effective, but should be someone you trust to deal with things promptly and thoroughly.  Note that it is permissible to name someone who lives in another state to serve as Personal Representative.

What is a Trustee?
A Trustee is a person you appoint in your Will or Revocable Trust to manage, use and distribute assets for the benefit of another person or persons ("Beneficiary"), usually minors until they reach a certain age. This person will handle the investments as well as make decisions on any distributions made on behalf of the Beneficiary in accordance with the rules you set up in your Trust.

What is a Guardian?
A guardian is the person or persons you appoint in your Will to raise your children if you have died.  A guardian is like a substitute parent.

Can one person serve as my Executor, Trustee, and Guardian?
Yes. It is common to appoint the same person to perform all functions.  You can also select a different person for each function.  For instance, a parent may have a sister that would be a fantastic guardian ("substitute parent") but may not be very responsible with money.  Another relative or friend could be the Trustee and manage the money for the parent´s child, distributing the money to the guardian for the child´s benefit when needed.