Distributing Estate Assets
Help With the Final Stages of Probate or Administration
The primary objective of an estate plan is to identify the beneficiaries. This includes:
- What each beneficiary is to receive
- What conditions, if any, are imposed upon the bequest
For example, if you have minor children, the plan should include a provision for the management of funds for the minor children, who will hold the funds for the children, and when the funds are to be distributed. If one of your children is legally incapacitated, the plan should be designed so that the child will remain eligible for Medicaid, Social Security disability, or other government assistance programs. In other words, the plan should be tailored to your situation and should reflect your intent.
What Happens if I Don't Have a Will or Trust?
If you do not have a will or a trust, or if the beneficiaries named in the will or trust predecease you, the estate assets that are not held in joint tenancy or with a beneficiary designation will be distributed according to Colorado laws of intestacy. Under this statute, the funds typically are distributed to the surviving spouse, or, if there is no surviving spouse, to your children.
However, the laws of intestacy are complicated and may result in your estate being distributed to people who you dislike or have never met. For this reason your estate plan should list alternate beneficiaries. These people will receive your property if your primary beneficiaries predecease you.
The Benefits of Having an Estate Plan
By planning now, with the help of an experienced Denver estate planning attorney, you can ensure that your wishes will be honored in the future, that each beneficiary receives what you want them to receive, and that the legal process will be straightforward and painless for your loved ones. Many of our clients choose a living revocable trust as the main vehicle for the distribution of their estate assets since it is more flexible than a simple will and, if properly funded, can avoid probate.
The James A. Littlepage Law Offices provides knowledgeable and experienced legal assistance and can assist you with creating an estate plan that will adhere to your wishes regarding the distribution of your assets. Our firm is dedicated to providing our clients with outstanding representation.
Contact the Denver estate planning lawyer at your earliest convenience to discuss your concerns regarding the distribution of assets for your estate. We offer free 30-minute consultations .