let’s talk about probate and nonprobate transfers by Columbine Law Group PC please call us to schedule your free consultation at seven to zero seven eight seven seven eight seven zero or visit us at www.fortuigence.com probate assets failure to plan which assets fall into either category may alter the intended distribution of part or all of the estate it may lead to an intended family contention and litigation the decision about what to use may include the following which is not an exhaustive list aging number of beneficiaries real.
property and how title is held value of the estate for federal estate tax considerations protection of property during life protection of property for the benefit of a spouse minors or disabled beneficiaries creditor claims or disclaimers by beneficiaries titles to assets should be reviewed to ensure that title to property is consistent with the plan and your intended goals these documents include real estate deeds all investment statements bank accounts stocks and bonds and annuities and life insurance policies what is.
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probate transfers a will may offer many advantages families with many beneficiaries with varying financial needs may benefit by using a will or trust than with beneficiary designations for nonprobate transfers testamentary trusts may be used to defer vesting provide management and protection and achieve tax savings in some cases the court oversight and probate may be beneficial when there are questions or concerns surrounding fiduciaries or in the event family dynamics are particularly contentious will contests.
are rare however the use of non probate transfers does not preclude the possibility of litigation for example an unhappy beneficiary might claim that the transferor under nonprobate transfer lacked contractual capacity the circumstances under which a joint tenancy is created might also be challenged let’s now look at nonprobate transfers nonprobate transfers are where property interests are transfer to death from one individual to other without the need for probate Colorado courts have held that some transfers are void if they fail to.
meet statutory requirements some examples of non probate transfers include pay on death p OD designations joint tenancy trusts and life insurance it is important to make sure these transfers are in line with your goals in order to avoid an unintended gift or unequal distribution to beneficiaries nonprobate transfers offer some advantages such as property being available sooner than waiting for the probate process privacy less cost property exemptions and may avoid creditor claims this information is not to be interpreted as providing legal.
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