Caring for Your Estate With Diligence
Probate and trust administration can be complex and emotionally challenging, especially during a time of loss. At Tirey Law Firm, we understand the importance of handling these matters with both expertise and empathy. Our dedicated team is here to ensure that the wishes of your loved ones are honored and that the process is as smooth and stress-free as possible for you and your family.
Our Approach
At Tirey Law Firm, we approach every probate and trust administration case with a deep commitment to personalized care. We believe that each client’s situation is unique, and we take the time to understand your specific needs and goals. Our attorneys are not just legal experts; they are compassionate advisors who guide you through every step of the process, providing clear explanations and consistent support. We aim to ease your burden by managing all legal aspects, allowing you to focus on what truly matters.
Probate Avoidance
Joint Tenancy
Adding a joint owner or "joint tenant with rights of survivorship" to your assets allows property to pass to them upon your death without probate. However, this strategy has pitfalls, such as exposing your assets to claims against the co-owner and their creditors, even while you're still using the assets.
Revocable Living Trust
A Revocable Living Trust is a legal document that creates a separate entity to hold your assets while alive and designate trustees to manage them. Typically, you serve as the trustee, managing your assets for your benefit. Upon your disability or death, a successor trustee manages or distributes the assets according to the trust terms. A properly drafted trust can achieve various goals, including guardianship, probate avoidance, and protection for your children from creditors and marital issues.
Beneficiary Designations
Colorado allows Transfer on Death (TOD) or Pay on Death (POD) beneficiary designations for bank accounts. These designations are preferable to joint tenancy, as they transfer property only upon death, maintaining current ownership. However, they may complicate equitable distribution among heirs and could disqualify the owner from Medicaid services. Additionally, if beneficiaries are listed on your assets, those assets will go to them upon your death, irrespective of your will.
