The Exempt Property Allowance and the Family Allowance When a person dies and a probate proceeding is commenced in Colorado, certain payments and expenses have priority over the others. Right at the top of that list is the exempt property allowance and the family allowance. Exempt Property: Priority Over all Claims Against the Estate The […]
Contract Disputes, Arbitration, and Arbitration Clauses While arbitration clauses are often a good idea, sometimes an arbitration clause can work against recovery on the contract. Before including an arbitration clause in a contract, think about who will most likely be a plaintiff, who will most likely be a defendant and the amount of damages. Arbitration […]
What to Expect From an Estate Plan An estate plan is more than a will or a living trust. It is a combination of many documents. Here is what you should expect to receive in any estate plan: What to Expect from a Will-Based Plan If your plan is a Will-based plan, you should receive […]
In Colorado, a life insurance company cannot use suicide to avoid payment of a death benefit if the suicide occurs more than one year after the life insurance policy is in force.
There is more to negotiating a Colorado commercial lease than just the cost per square foot. Should a problem arise sometime during the lease term, the commercial lease terms can be critical. The time to negotiate those commercial lease terms is before the lease begins. Read and Understand the Commercial Lease This may seem obvious, […]
Avoiding ancillary probate is easy. By putting real estate into something called a nominee trust or living trust, ancillary probate proceedings and the associated expense can be avoided. As an alternative to a living trust, a limited liability company can be created, the real estate transferred to the company and then ownership in the company can be transferred to the heirs through the primary probate proceeding…
We often get asked to name multiple children, jointly, on medical powers of attorney, financial powers of attorney and as trustees. While there are legitimate reasons why clients want to name joint power holders, be aware of the potential costs.
Bequest is an old legal term that basically means to give a gift, or to bestow property, as designated in the terms of a will.
Colorado Prenuptial Agreement A Colorado prenuptial agreement allows couples to agree in advance about how property is to be split upon divorce. Without a Colorado prenuptial agreement, the Colorado courts decide how property will be divided upon divorce. Colorado is a separate property state. In a separate property state, property is typically “owned” by the […]
What is an Exculpatory Clause? Today, virtually every form contract contains an exculpatory clause. An exculpatory clause is a clause in the contract that strictly limits the liability of one party. For example, if you rent skis from a local ski shop, the contract may contain an exculpatory clause limiting the liability of the ski […]