PET
TRUSTS
PET TRUSTS
With a pet trust, you can leave money to be used for the care of your dog, cat, horse, bird, or other animal(s).
How a Pet Trust Works
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Pet trusts can be written to take effect when the owner dies or becomes incapacitated.
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You can create a trust to provide for the care of one or more animals that are alive or in gestation during your lifetime. The trust ends when the last surviving animal dies or when the trust dictates.
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You choose a caretaker who will have custody of your pet and will be responsible for day-to-day care. You will name an alternate as well, in case your first choice can't take the pet when the time comes.
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You determine the amount of money to be used for the animal's care. The appropriate amount varies widely depending on the pet's age and needs. If you set aside an amount that's unreasonably high, family members could challenge it in court, and a judge may reduce it.
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You name persons who may go to court and enforce the terms of the trust if necessary. This person ensures the trust money is being spent appropriately on the animal, and not for any other reason.
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You determine where any money goes that's left over when the animal dies, such as to family, charity, or others.
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You leave explicit and detailed caretaking instructions such as:
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housing arrangements
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types of food/supplements/medication
-
amount of exercise and/or attention
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a schedule of veterinary care and often times by which vet
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inspections of your pets by your trustee
-
burial or cremation instructions for your pets
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ESTATE PLANNING
Make a plan in advance, naming the people or organizations you want to receive the things you own after you die, in addition to carrying out your wishes in the event you become incapacitated.
If you don’t think you can afford a complex estate plan now, start with what you can afford. For a young family or single adult, that may mean a will and powers of attorney for your assets and health care decisions. Then, let your planning develop and expand as your needs change and your financial situation improves.
ESTATE
PLANNING
ESTATE PLANNING
Your estate is everything you own such as: real estate, bank accounts, investments, IRAs, retirement benefits, insurance policies, and personal belongings.
A good estate plan should...
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Ensure your estate is distributed smoothly to the people and organizations most important to you
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Provide for financial and medical care if you become incapacitated
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Name a guardian for minor children
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Provide for family members with special needs
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Provide your beneficiaries with asset protection from creditors, divorce, and lawsuits
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Include provisions for children who are spendthrifts or struggle with addiction
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Address business succession at disability and death
Without any estate planning...
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Colorado's statutes determine how your property will be distributed
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Courts name guardians for minor children
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Courts name guardians and conservators to handle your affairs if you are unable
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Court proceedings are expensive and time consuming
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Family discord is more likely to result
PET
TRUSTS
PET TRUSTS
With a pet trust, you can leave money to be used for the care of your dog, cat, horse, bird, or other animal(s).
How a Pet Trust Works
-
Pet trusts can be written to take effect when the owner dies or becomes incapacitated.
-
You can create a trust to provide for the care of one or more animals that are alive or in gestation during your lifetime. The trust ends when the last surviving animal dies or when the trust dictates.
-
You choose a caretaker who will have custody of your pet and will be responsible for day-to-day care. You will name an alternate as well, in case your first choice can't take the pet when the time comes.
-
You determine the amount of money to be used for the animal's care. The appropriate amount varies widely depending on the pet's age and needs. If you set aside an amount that's unreasonably high, family members could challenge it in court, and a judge may reduce it.
-
You name persons who may go to court and enforce the terms of the trust if necessary. This person ensures the trust money is being spent appropriately on the animal, and not for any other reason.
-
You determine where any money goes that's left over when the animal dies, such as to family, charity, or others.
-
You leave explicit and detailed caretaking instructions such as:
-
housing arrangements
-
types of food/supplements/medication
-
amount of exercise and/or attention
-
a schedule of veterinary care and often times by which vet
-
inspections of your pets by your trustee
-
burial or cremation instructions for your pets
-
WILLS vs TRUSTS
While Wills and Trusts do have a lot of overlap, there are also several differences between the two. Ultimately, both are ways to say who will receive your assets. They just do it in different ways, and each has its own advantages and disadvantages.
WILLS vs
TRUSTS
WILLS vs TRUSTS
One big difference between the two is in how and when they take effect. Wills don’t go into effect until you pass away, whereas a Trust is effective immediately upon signing and funding it.
It may be easier to think of a Will as a “simple” document. Wills allow you to name guardians for kids and pets, designate where your assets go, and specify final arrangements
The simplicity of a Will offers somewhat limited control over the distribution of assets. Wills also have to go through some sort of probate process after you pass away.
A Trust is a bit more complicated, but can provide some great benefits. Trusts offer greater control over when and how your assets are distributed, apply to any assets you hold inside the Trust, and come in many different forms.
After you create a Trust, you need to fund it by transferring assets to it, making the Trust the owner. Trusts are often used to minimize or avoid probate entirely, which is a huge plus for some. This alone could more than justify the additional complexity and cost of setting up a Trust.
WILL
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Requires Probate
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Probate court supervises the sale of your assets and the distribution of the proceeds in accordance with the will
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Significant costs and delays possible
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Delays access to inheritance
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Public Record
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Probate proceedings and documents are recorded such that anyone can read the terms of your will or the circumstances of its administration
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Minor Beneficiaries
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Require conservator
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Probate court supervises all distributions
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May be Revoked or Amended during your lifetime
TRUST
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Avoids Probate
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Easier, Faster, Less Expensive
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Faster access to inheritance
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Private
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Because a trust is a contract, the distribution and terms of your estate are not accessible by the public
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Minor Beneficiaries
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Distributions made by trustee according to your wishes
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More control over distribution
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Creditor Protection to safeguard inheritance
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Different trusts available to protect assets, minimize legal fees and taxes
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May be Revoked or Amended during your lifetime
SERVICES & DOCUMENTS
We prepare simple and complex wills and trusts, as well as living wills and powers of attorney (medical and financial), in addition to other important estate planning documents such as guardianships and instructions for the disposition of your last remains.
SERVICES &
DOCUMENTS
SERVICES & DOCUMENTS - sample list
Wills
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Simple Wills
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Complex Wills for Estate Tax Planning Purposes
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Wills with Testamentary Trusts for Minors, Incapacitated Persons, and Pets
Trusts
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Revocable Living Trusts
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Irrevocable Living Trusts
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Testamentary Trusts
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Special/Supplemental Needs Trusts
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Honorary (Pet) Trusts
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Charitable Trusts
Powers of Attorney
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Durable Powers of Attorney for Healthcare Decisions
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Durable Powers of Attorney for Business and Financial Affairs
Advance Medical Directives
(aka Living Wills)
Colorado law authorizes the use of Advance Medical Directives for persons who prefer to make their wishes known in advance of a time when they may no longer be able to do so regarding prolongment of life.
Parental Appointment of Guardian for Minor and Disabled Children
Colorado law provides a means whereby parents may name who they would want to be responsible for the care of their minor or disabled child in the event the parent is incapacitated.
Instructions for Memorial and Disposition of Body
Provide peace of mind to loved ones by providing instructions for services after your death.
PET
TRUSTS
PET TRUSTS
With a pet trust, you can leave money to be used for the care of your dog, cat, horse, bird, or other animal(s).
How a Pet Trust Works
-
Pet trusts can be written to take effect when the owner dies or becomes incapacitated.
-
You can create a trust to provide for the care of one or more animals that are alive or in gestation during your lifetime. The trust ends when the last surviving animal dies or when the trust dictates.
-
You choose a caretaker who will have custody of your pet and will be responsible for day-to-day care. You will name an alternate as well, in case your first choice can't take the pet when the time comes.
-
You determine the amount of money to be used for the animal's care. The appropriate amount varies widely depending on the pet's age and needs. If you set aside an amount that's unreasonably high, family members could challenge it in court, and a judge may reduce it.
-
You name persons who may go to court and enforce the terms of the trust if necessary. This person ensures the trust money is being spent appropriately on the animal, and not for any other reason.
-
You determine where any money goes that's left over when the animal dies, such as to family, charity, or others.
-
You leave explicit and detailed caretaking instructions such as:
-
housing arrangements
-
types of food/supplements/medication
-
amount of exercise and/or attention
-
a schedule of veterinary care and often times by which vet
-
inspections of your pets by your trustee
-
burial or cremation instructions for your pets
-
PROBATE
Probate is defined as a legal process through which a person’s estate is settled after death. It includes validating the will, inventorying the deceased’s property and appraising it, paying debts and taxes, and finally making sure the remaining property in the estate is distributed as designated in the will. In situations where there is no will, the estate will ultimately be distributed according to dictates of state law.
PROBATE
3 Types of Probate in Colorado
There are three different kinds of probate which can make estate planning more complicated. If you want to pass on your assets, including your real estate holdings, in the manner you designate, you need to have the right representation by your side.
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Probate for small estates – This simplified form of probate is used for estates that are $80,000 or less in value. In order to qualify as a small estate, the inheritance may not contain any real estate assets. Additionally, the heirs can receive their share of the estate with an affidavit in this type of probate.
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Informal probate – Informal probate is used when the deceased individual died with an uncontested will or if there is no will, as long as the intestacy is clear. Court involvement in an informal probate proceeding is limited, lightening the load on the loved ones left behind.
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Formal probate – The third and final type of probate is formal probate, used when there is an issue with the will. If one heir challenges the will, for instance, a formal probate proceeding will be used to resolve the disagreement and come to an equitable settlement.
Colorado Ancillary Probate
If an owner of Colorado real estate dies, a probate administration will be required to transfer the property to either the beneficiaries or the buyer of the estate. If the personal representative appointed for the administration of the probate estate is in another state, the Colorado courts will need to recognize the representative’s authority to transfer Colorado real estate.
Colorado ancillary probate processing entails recognition of the out-of-state representative’s ability to transfer real estate in Colorado.
There are many requirements in place, including a variety of documents that representatives will need to submit to the Colorado probate court if they want to be able to administer Colorado real estate. Some documentation needed from the original proceeding can include:
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The court order that appointed the representative
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Representative bond requirement documentation
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Court-issued Letters of Administration or Letters Testamentary
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Other documents from the out-of-state court that prove the representative is authorized to act on behalf of the decedent
To ensure that the courts recognize the representative’s authority to act on Colorado real estate, an attorney can assist with filing and other aspects of the ancillary probate process in Colorado.
What Is The Probate Process?
The probate process can be overwhelming without legal guidance. We will make sure that you understand what is required of you and provide representation throughout the process to protect your interests. The four main steps of the process are:
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We will assist the client in opening the deceased’s estate. This first phase includes filing the will, death certificate, and ensuring that the client is appointed as the personal representative of the estate.
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Inventory and appraisal of assets: During this stage, we can assist in gathering and inventorying the late individual’s assets. We will determine which assets are legitimately included in the estate, which can sometimes be lengthy given certain asset types. At this time, an appraisal of the estate’s value is also conducted, which helps establish the total value and disbursement of assets.
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Liability of the estate: Once the inventory is complete, any potential liabilities for the estate are identified. This can include loans and debts that must be repaid promptly to avoid late or additional interest charges. This phase allows creditors to file claims against the estate. We will assist the personal representative in efficiently handling these creditor’s claims.
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Distribution of assets: The last step is the distribution of assets. This involves identifying each heir or beneficiary and determining how much they will receive. We will help with the legal steps involved in distributing estate assets to ensure they are distributed per the terms of the last will and testament.
The Benefits Of Using A Probate Attorney
Hiring an experienced probate attorney will help:
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Minimize the risk of error and inaccuracy. Probate is a time-sensitive process, and the last thing you want is for anything to go wrong. A skilled probate attorney can help ensure that deadlines are met, and mistakes are avoided.
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Receive and distribute money and assets. An experienced probate attorney can make sure the appropriate parties receive the money and assets that were left to them as quickly as possible.
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Draft essential documents. An attorney can provide the necessary documents to protect and guide you throughout the process. If done incorrectly, this step could cause problems in the future.
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Provide legal advice during adversity. A probate attorney knows what to do in demanding and unfamiliar situations. This allows you to rest easy so you don’t worry about the legal aspects of your inheritance.
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Provide support and comfort to the entire family. Many people are overwhelmed with the loss of a loved one and do not know where to start in terms of their estate. An experienced probate attorney can provide peace of mind by making the process simple, fast, and efficient.
PET TRUSTS
A pet trust is a legally sanctioned arrangement providing for the care and maintenance of one or more animals in the event of a grantor’s disability or death.
PET
TRUSTS
PET TRUSTS
With a pet trust, you can leave money to be used for the care of your dogs, cats, horses, birds, sheep, cattle, alpacas, or other animal(s).
How a Pet Trust Works
-
Pet trusts can be written to take effect when the owner dies or becomes incapacitated.
-
You can create a trust to provide for the care of one or more animals that are alive or in gestation during your lifetime. The trust ends when the last surviving animal dies or when the trust dictates.
-
You choose a caretaker(s) who will have custody of your pets and will be responsible for day-to-day care. You will name an alternate as well, in case your first choice can't take the pets when the time comes.
-
You determine the amount of money to be used for the animals' care. The appropriate amount varies widely depending on the pet's age, breed, and needs. If you set aside an amount that's unreasonably high, family members could challenge it in court, and a judge may reduce it.
-
You name persons who may go to court and enforce the terms of the trust if necessary. This person ensures the trust money is being spent appropriately on the animals, and not for any other reason.
-
You determine where any money goes that's left over when the animals have passed, such as to family, charity, or others.
-
You leave explicit and detailed caretaking instructions such as:
-
housing arrangements
-
types of food/supplements/medication
-
amount of exercise and/or attention
-
a schedule of veterinary care and often times by which vet
-
inspections of your pets by your trustee
-
burial or cremation instructions for your pets
-
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