Colorado Estate Planning And Estate Settlement Legal Blog

In general, the probate process can end up being very long and complicated. In some cases, probate can last for years and be costly for the estate. For example, if you live in Denver and pass away without a solid estate plan, your property could end up in probate. The longer it spends in probate, the less there will be to pass on to your heirs and beneficiaries. This is why it is important to take steps to avoid probate or at least drastically limit the time your estate spends in the process.

Fortunately, there are several options available to keep your property far away from the probate process. For instance, you can transfer your property into a revocable living trust or even make a gift of it prior to your death. You can also transfer your property through joint ownership or by naming death beneficiaries.

If you have a comprehensive estate plan, you will have powers of attorney in place in the event you can no longer make decisions for yourself. However, just because there is a plan in place, it doesn't mean everything will go smoothly.

When your wishes collide with the feelings of family members and healthcare professionals, even the best-laid plans can go awry. It's possible that your family will ignore your choices, which can lead to courtroom disputes that you will have no power to stop.

There has never been a plan that has perfectly withstood the act of implementation. That includes estate plans. Because of that simple fact, it is vital that you select an executor who will minimize the possibility of a lawsuit.

The basic duties of the executor are straightforward.  However, problems can arise if the executor acts negligently and ignores the written acts of the will or makes mistakes in carrying it out. These possibilities can leave the estate or the executor open to legal action. For that reason, you must choose the right person for the job. But who is that?

The media frequently airs dirty laundry about celebrities who exclude their closest family members in their estate plans. For example, Jerry Lewis famously and intentionally excluded six of his children in his will. Mickey Rooney and Tony Curtis also disinherited their biological children in wills that were created just weeks prior to their deaths.

As expected, those left out inheritances filed lawsuits contesting the content of their fathers' wills. What you don't hear about, however, is all cases involving will contests by non-famous people.