ESTATE PLANNING AND LIFE PLANNING
Having an integrated estate plan means more than planning for what happens to your assets at your death. It also addresses the possibility of your becoming incapable of dealing with your financial affairs and making decisions related to your health care. An integrated estate plan is not one-size fits all. Your age, health, financial situation and budget, and whether you are a parent, a business-owner, married, in a second marriage, living with a domestic partner (and whether your partner is the same sex as you, or opposite sex), wish to leave your estate (or any part of it) to an incapacitated adult, have pets, have agreed to comply with a separation agreement or marital agreement, are important factors in determining what type of estate plan makes the most sense for you.
The common elements for all integrated estate plans are:
Will, Financial Power of Attorney, Health Care Power of Attorney, Living Will, Declaration of Disposition of Last Remains.
Other documents that may make sense depending on your situation may include an Inter Vivos Living Trust (also referred to as a Revocable Living Trust or Revocable Trust), Certificate of Trust, Beneficiary Deed, Appointment of Guardian, Transfer on Death Document, Marital Agreement (Pre-Nuptial or Post-Nuptial), Memorandum Disposing of Tangible Personal Property, and Letter of Wishes.
Certain types of irrevocable trusts may make sense if you have charitable goals and/or want to protect assets from your creditors. You may also wish to leave a legacy of your values and lessons you've learned in your lifetime, whether within your will or trust, and/or as a separate document.
Probate.
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Integrated Estate Planning.
DISCLAIMER: This website is for general informational purposes only. You should not rely on it as legal advice. No attorney-client relationship is formed unless we discuss your specific situation and you sign an engagement letter.
Practice Areas
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INTELLECTUAL PROPERTY, DATA SECURITY AND PRIVACY, AND RISK
For technology firms, where intellectual property is the primary asset(s), it's important that any agreement with a customer or vendor is customized for the type of technology and/or services that you're selling and/or purchasing. Any agreement should clearly identify intellectual property ownership, usage rights, and appropriate business terms (including respective fee type, whether subscription based, royalty, flat fee, or a hybrid). Additionally, an agreement should appropriately allocate risk and contain terms required under applicable data privacy laws.
Your company may need the following agreements, depending on the technology you are providing and purchasing: Software License Agreements, SaaS Agreements, Service Level Agreements, Software Support and Maintenance Agreements, Data Processing Agreements, Master Services Agreements, Statements of Work, Reseller Agreements, Alliance Agreements/Collaboration Agreements, Non-Disclosure Agreements (NDA's), etc.
Real Estate.
Technology Agreements.
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HOME, ASSET & BUSINESS
Real estate may be relevant to our living situation, estate plan, and/or business. As a result of a change in your marital or partner status, you may need a Cohabitation Agreement or Marital Agreement to address whether any payments by the non-owner to the owner of the home is rent or a purchase of interest in the home, and if the later, whether/when there will be a transfer of ownership reflected by a deed, what happens if the relationship ends, and so on. As an asset, you should ensure that any real estate you own goes to those you wish to receive it on your death, which would determine: whether you own it during your lifetime in joint tenancy or tenancy in common with a co-owner; whether you should set up a revocable trust or limited liability company to own it on your behalf; and whether it should pass at your death under the terms of your revocable trust or a beneficiary deed, or to the surviving joint owner.
Anytime you invite someone to live with you, purchase real estate as an investment, or desire to address the appropriate method for transferring the real estate at your death, you should consult with an attorney so that there are not any unintended consequences.
TANTTILA LAW
integrated estate planning, probate
& TEchnology Agreements
AUTHORITY, CREDITORS, COLLECTION AND DISTRIBUTION
Probate is generally the process by which the person applying to be the personal representative of the estate of someone who dies, files with the probate court the appropriate paperwork to get appointed, which is documented in Letters Testamentary issued by the court.
Upon appointment, the personal representative (or attorney) must provide a Information of Appointment to all interested persons and publish a Notice to Creditors in a newspaper located in the county in which the person who died resided. Any creditors have 4 months from the date of first publication to make a claim against the estate. After that, their right to make a claim against the estate is cut off (unless they are a "known" creditor). The personal representative may also need to prepare and file an Inventory of the estate and Interim and/or Final Accountings.
The personal representative is a fiduciary, and must act on behalf of the estate in collecting estate assets, paying creditors, and distributing estate assets to the devisees, beneficiaries and/or heirs of the estate. As a fiduciary the personal representative has certain fiduciary duties, such as the duties to act with loyalty, with due care, not to commingle estate funds with the personal representative's personal funds, etc. However, the personal representative may pay themself a reasonable amount based on documented time spent on estate matters, from the estate, and may be reimbursed for expenses paid on behalf of the estate.
I help personal representative's navigate the probate process and in some cases, prepare personal representative deeds, the documents required for the probate process. For estates of less than $68,000 (this increases for inflation each year), a Small Estate Affidavit may be sufficient and probate may not be necessary. Personal Representatives representing the estate of someone who died while residing in a state other than Colorado may need to open an Ancillary Probate in Colorado if the person died owning real estate on Colorado.
The Colorado Bar Association publishes a brochure as guidance for Personal Representatives located here:
If you have heard horror stories about probate, the good news is that the probate process in Colorado is not as tedious and expensive as it is in other states.