Jerold R. Gilbert, Esq.

Attorney at Law

 

Wills, Trusts, Estate Planning,

Business and Real Estate Law

 

office (720) 202-6958

email: jgilbert@jeroldgilbert.com

 

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.Denver Estate Planning Attorney 720-202-6958

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?Trying to save money can actually cost you money.


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.


Denver Wills Lawyer 720 202-6958Q: 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 PayPal icon below and use our email address:

willslawyer@gmail.com.

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

jgilbert@jeroldgilbert.com 

  • 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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    Denver Wills Lawyer 720-202-6958

     

     

    "Estate Planning Is Wise Planning."  

Contact Information

Jerold R. Gilbert, Esq.
9474 Tammy Lane
Parker, CO 80134

720-202-6958 office

 

jgilbert@jeroldgilbert.com