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Why a Revocable Living Trust?

Why A Revocable Living Trust?

One of my favorite questions from an estate planning client is – why do people get a revocable living trust? A revocable living trusts can be a highly effective and flexible estate planning tool. While a not everyone needs a trust, there are a lot of reasons to consider a revocable living trust. Here my top three reasons to consider a revocable living trust as part of your estate plan: 1. Avoid Probate. When a person owes no significant debts, probate is simply the court process of transferring title of a decedent’s property to his/her heirs. But, why avoid it? For most people, the Court system is a complex and daunting system, and their primary interaction with the Court is through jury duty or a traffic ticket. But, we go to probate court only when someone dies. When you couple the grieving family with an already negative perception of the court, you have the recipe for nightmares, battles, and layers of anxiety. Besides, the cost of probate, both in money and time, is significant. Even in a State like Colorado, where probate court can be mostly an administrative process with little actual court involvement, the typical cost (with an attorney involved) is $3,000 to $5,000 and the typical timeframe is 1-2 years. So, save your family the heartache and nightmare – avoid probate, if possible! 2. Asset Management

0 April 3, 2018

Living Wills, Part 1 – What State Am I In?

The Living Will (a.k.a. the Advance Directive, End of Life Directive) is a relatively straightforward document, yet it is the one document we spend the most time discussing when doing a person’s estate plan. The question is deceptively simple – if you are in a “Persistent Vegetative State” or “Terminal Condition”, how long do you want to remain on life support?

But, before you can answer that question, you have to understand what “Persistent Vegetative State” and “Terminal Condition” means:

1. Persistent Vegetative State in Colorado is defined as: A medical state in which an attending physician and another doctor, qualified to make such diagnosis, agree that within a reasonable degree of medical probability the patient can no longer think, feel anything, knowingly move, or be aware of being alive. The physicians must agree this condition will last indefinitely without hope for improvement and have monitored the patient long enough to make that decision. “Persistent Vegetative State” is defined by reference to the criteria and definitions employed by prevailing community medical standards of practice, and not by the definition above.

2. Terminal

Posted in Living Wills
0 January 30, 2018