In some states, the law requires that all assets obtained during marriage belong equally to both spouses, excluding gifts and inheritance given specifically to one spouse. Such assets are termed community property. However, Colorado is not a community property state.
A codicil is a written change, amendment, supplement or addition to a person’s will. It may modify, add to, subtract from, clarify, qualify, alter, or revoke provisions in a will. A codicil is executed with all the formalities of the will itself.
The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.
A Charitable Remainder Trust is often used to make large donations (of either property or money) to a charity so that the donor can obtain a tax advantage.
The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.
A bond is a type of insurance policy that guarantees that a legal representative will carry out his duties. Should the legal representative fail to perform as specified in the contract, the bond guarantees that a certain amount of money be paid to the injured party.
“Beneficiary designation” means a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in the beneficiary form (TOD), or of a pension, profit sharing, retirement, or similar benefit plan, or other nonprobate transfer at death.
“Beneficiary”, as it relates to a trust beneficiary, includes a person who has any present or future interest, vested or contingent, and also includes the owner of an interest by assignment or other transfer; as it relates to a charitable trust, includes any person entitled to […]
The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.
An Asset Protection process is a legal approach/strategy designed to protect an individual’s property from legal problems and taxes in his/her lifetime and upon his/her death.