Frequently Asked Questions
For your convenience I've created a list of frequently asked questions addressing common issues pertaining to estate planning, wills, trusts and probate. If your question is not adequately addressed here, please don't hesitate to contact me by telephone, email 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, creating
the illusion that you're getting a huge bargain if you do "estate
planning" with them. In truth, an estate plan, whether setup
as a stand-alone trust 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...avoiding probate saves you a great deal of money.) If a trust is set up
within the terms of your Will, it controls the property after
you die... yet it still requires probate... (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 when 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.. and then call me to get the information you can use!
Q: If I have a Will then my property
automatically goes to who I give it?.... Right?
A: No. Your property must first pass through a legal proceeding
called "Probate". In your Will you designate who
receives the property. The probate process follows your
instructions set forth in your Will to transfer the property.
Probate is
a legal proceeding that is filed in the District Court in the county
where the decedent resided (Denver Probate Court for Denver
residents). The Will is admitted to probate, a personal
representative is appointed by the court and your estate is
administered. Property is gathered and controlled by the Personal Representative who
then files an inventory, gives notice to
creditors, sells or otherwise liquidates assets as needed, pays
bills and taxes, files a final accounting with the court and then distributes the proceeds to the
beneficiaries.
Completing Probate usually takes 9 or 10 months...but sometimes it takes
longer, sometimes
more than a year. Legal expenses
can easily exceed $10,000.00
... even for the most basic of estates. In
short, Probate is time consuming and expensive and more importantly,
with proper estate planning, can be easily avoided. Estate
planning is less expensive than probate and represents a very
good investment in savings of future legal and administration
expenses. Estate Planning saves money.
Q: Is it 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. For example should you decide to sell or refinance
your house they could withhold their approval. If the
relationship sours or you no longer want them to be your beneficiary
then you may have a fight on your hands. The legal
resolution would require you to hire a lawyer, perhaps
GO TO COURT (file a legal action). This can be time consuming and
very expensive (could cost you thousands of dollars). There's no
guarantee you'll get your desired outcome. In reality,
the only winners are the lawyers. Do you hear that giant
sucking sound?
Additionally, joint tenancy with sons, daughters and other people creates potential
creditor issues and marital estate issues for the people you name.
Addressing those legal issues to protect your property from
their
creditors and
their marital dissolution claims can be time consuming and
expensive.
A trust is a much better solution. It provides the safety and
security you want while protecting your property against the claims
of
others. Using a properly funded trust will avoid the need for probate.
Trusts save you money.
Q: Why should I hire a lawyer to draw my
will?... Isn't that expensive?... Can't I get just as good of a
Will
with a computer program or a form I buy online or 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 State 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.
Fill-In-The-Blank Forms and cheap computer generated programs frequently lack
the flexibility you need to obtain your goals.
This can make a huge difference!
If you think spending $19.95 on a Do-It Yourself-Will Kit gets you the
same thing as you will from from an experienced Will lawyer,
well....think again.....IT DOESN'T! A trained and experienced
lawyer can guide you through the detailed process necessary to achieve the
results YOU desire. 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 unique situation you face. He'll
draw your Will in the best way possible and you'll get it done right.....the
first time.
You assume serious and significant risk by doing it yourself.
This is completely avoidable and is, quite frankly, wholly unnecessary. Your heirs will pay
and suffer for the injury resulting from the mistakes, errors and omissions you created in your
cut-rate Will. Those errors will be discovered when a properly drawn Will is
needed the most ...after you're gone. It may not be
possible to correct such errors and the results may be unintended,
expensive and detrimental to your heirs.
NEED I MAKE
IT ANY CLEARER?
Also, if you have any questions, you can
always talk to the box!
A: No, hiring me to draw your new Will is not expensive.
I offer a professionally drafted and completed Will, together with a
General Durable Power of Attorney, Medical Power of Attorney,
Personal Property Memo and a Living Will as a package deal for
$450.00 complete (per person). I make the process easy and
convenient for you. Please see my article at
My Life Planning 450 Will Package and also at
Denver Estate Planning Attorney (our intro page)
Q: Should I use those do-it-yourself forms
I can buy online or at an office supply store?
A: No. Using a qualified lawyer
to prepare your legal documents, be they a Will, a Power of
Attorney, a contract or a Deed insures that your legal document meets the
specific and detailed requirements set forth in State law. You
can easily commit errors and the results can be disastrous.
Case in point: An elderly woman
married her second husband. Each had lost their first
spouse and after they married she moved into his home. Her new
husband wanted her to own his home outright if he died first. So
they went online and bought a do-it-yourself deed form. They
filled out the form and recorded it. A year later, he died.
Then she discovered that the deed failed to create a joint tenancy with right
of survivorship. When her husband died his half of the house did not
automatically go to her but ended up being shared with his adult
daughter (who loathed her). As a result,
because they chose to use a $20.00 "cheapie" form and did not consult with an
attorney..... she LOST $125,000.00.
She also
ended up with a big problem with her step-daughter.
The resolution cost her a thousand times more than what an attorney would have
charged to do it right the first time.
Q: Should I use the same lawyers working with
my financial planner, banker or mortgage broker?
A: No. Using the
lawyer who also
works for your financial
planner, banker or mortgage broker creates a conflict of interest.
YOUR interests are compromised and you
will never be guaranteed
that those lawyers fully represent YOUR interests. You will never have the
assurance that they totally, completely and independently
work for YOU. NOTHING they can offer as a benefit for using
their service can replace YOUR loss of confidence that you would get their best counsel possible. The whole point of
hiring an attorney is to advise
YOU.... for him or her to give
you the unvarnished truth and direct,
accurate information you need
to make an informed decision.
Hiring a lawyer is not the same thing as buying a burger or a sack of potatoes. A Lawyer is not a commodity. A lawyer is your advisor. He or she is your dedicated guide to help you obtain the best solution possible to your legal need.
Q: How do I use PayPal to send you payment?
A: It's Easy.
Click on the
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Select Personal and then Other.
We also have a Buy Now Button for our Life Planning 450 Will Package purchases.
Call or email today!
Jerold R. Gilbert, Esq.
720-202-6958
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The Firm has many convenient meeting locations throughout the Front Range (one near you). I want to make it as easy for you as possible .... help you save travel costs, childcare costs and time away from work. Call or email for details and to set up an appointment. (By Appointment Only).
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"Estate Planning Is Wise Planning."
Contact Information
Jerold R. Gilbert, Esq.
9474 Tammy Lane
Parker, CO 80134
720-202-6958 office