Frequently Asked Questions
For your convenience we have created a list of frequently asked questions addressing the issues of estate planning, wills and probate. If your question is not adequately addressed here, please do not hesitate to contact us by telephone, email, fax or letter with your question.
Q: A Will is the same thing as an Estate
Plan?..... Right?
A: No. Simply creating your basic Will is not an
estate plan. Some want to confuse you on this point to create
the illusion that you're getting a huge bargain if you do "estate
planning" with them. In truth, an estate plan, whether set up
by a stand-alone trust instrument or through a Will, uses one or
more trusts to control your property. A stand-alone trust
controls the property while you yet live (no probate needed
when you die...saves you money..) If a trust is set up
within the terms of your Will it controls the property after
you die and requires probate... (costs lots and lots of money...)
All Wills require probate and probate is expensive.
With proper "estate planning" those expensive legal costs can and should be avoided using a stand-alone trust. If someone tells you your estate plan is a simple Will...costing you very little in time, money and trouble to complete.... then you're not getting the straight story... beware!
Q: If I have a Will then my property
automatically goes to whom I give it?.... Right?
A: No. Your property must pass through a legal proceeding
called "Probate" first. You designate in your Will who shall
receive the property and the probate process follows your
instructions set forth in your Will.
Probate is
a legal proceeding filed in the District Court of the county of
residency of the decedent (Denver Probate Court for Denver
residents). The Will is admitted to probate, a personal
representative is appointed by the court and your estate is
thereafter administered. Property is gathered and controlled by the personal
representative who files an inventory, gives notice to
creditors, sells or otherwise liquidates assets as needed, pays
bills and taxes then distributes the net proceeds of estate to the
named beneficiaries upon filing a final accounting with the court.
Completing Probate usually takes 9 or 10 months but can sometimes
extend to more than a year. Legal expenses
can easily exceed $10,000.00 for even a modest estate. In
short, Probate is time consuming and expensive but more importantly,
can be easily avoided with proper estate planning.
Q: Is is a good idea to put my
children's names on my real estate deeds, bank accounts and other
investments?
A: No. Placing someone's name on your property gives that
person the ability to refuse to release the property when you want
to do something different, such as sell or refinance or if the
relationship sours or should you change your mind. The legal
resolution would required you to file a legal action to order a
release, which can be time consuming and expensive.
Joint tenancy with sons, daughters and other people create potential
creditor issues and marital estate issues for the person so named.
Addressing those legal issues to protect your property from their
creditors and marital dissolution claims can be time consuming and
expensive.
A trust is a better solution because it provides the safety and
security you seek while protecting the property from third
party claims. Using a proper trust will avoid probate for property held by
the trust.
Q: Why should I hire a lawyer to draw my will?... Isn't that expensive?... and can't I get just as good of a will with a computer program or a form I bought at an office supply store?
A: Having a qualified lawyer draw your Will insures that your Will meets the specific and detailed requirements set forth in the law. It also insures that your Will does it's intended job to transfer your assets and manage your estate in the manner you desire. Will forms and computer generated will documents are often times lacking in the flexibility you need to allow you to be obtain your wishes. This can make a big difference.
If you think spending $19.95 on a do-it yourself-will kit gets you the same thing as you get from an experienced Wills lawyer, then think again.....IT DOESN'T! A trained and experienced lawyer can guide you through the detailed process that is unique to you. Paying attention to those "little things" or otherwise "sweating the details" can make a dramatic difference in the intended outcome of your estate. Your lawyer will explore your issues and the situation you face. He will draw your Will in the best possible way and you will get it done correctly.....the first time.
You assume serious and significant risk by doing it yourself. This can be completely avoided and is, quite frankly, totally unnecessary. Your heirs will pay for your mistakes, errors and omissions you created in your cut-rate Will. Those errors will be found when a properly drawn Will is needed the most (after you are gone). It may not be possible to correct such errors and the results may be unintended, expensive and detrimental to your heirs.
A: No, drawing your Will is not expensive. We offer professionally drafted, completed and signed Wills for a very reasonable price. We make the process as easy and convenient for you as possible. Please see our Simple Will Program information on the front page of this website and here: Legal Services and also here Wills and Probate.
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Contact Information
Jerold R. Gilbert Law Offices, P.C.
6200 S. Syracuse Way, Suite 125
Greenwood Village, CO 80111
720-748-6600 office
720-748-6601 fax