by Kelly Law Firm | Nov 22, 2022 | Estate Planning, Inheritance Laws, liability, Probate, Properties
When someone passes away, should you be paying the decedent’s medical bills, credit card bills, or any other types of bills? Not right away. If you pay someone else’s debt with your own money, you could open yourself up to liability to pay all of the estate’s debt.... 
by Kelly Law Firm | Nov 3, 2022 | Estate Planning, Wills
Wills are extremely important estate planning documents. You appoint a Personal Representative (executor) who has four jobs: locate your assets value those assets pay any potential creditors distribute your assets according to your Trust. Last Will and Testament A... 
by Kelly Law Firm | Oct 22, 2022 | Blog, Estate Planning, Inheritance Laws, Probate
Intestate: When someone passes away without a Will. Testate: When someone passes away with a Will. What Kind of Probate Will You Need… Intestate or Testate? Passing away with or without a will may determine what kind of probate you may need. There is informal... 
by Kelly Law Firm | Oct 11, 2022 | Blog, Estate Planning, Inheritance Laws, Myth
Just like other types of planning, estate planning and beneficiary designation is never a “once and done” proposition. Your life, preferences, and goals evolve over time and may be impacted by outside influences – such as the financial markets, tax... 
by Kelly Law Firm | Sep 21, 2022 | Blog, Estate Planning, Probate
When you are named “Personal Representative” or “Executor” you are in charge of running the show. The Personal Representative has four jobs: Locate the decedent’s assets Value those assets Pay any potential creditors Distribute the assets However, just because you are... 
by Kelly Law Firm | Sep 9, 2022 | Blog, Estate Planning, Probate, Properties
One of the most common ways for your estate to get pulled into probate in the United States is if you own any real property (land, house, or mineral interests). If you own properties in multiple states, then you could be subject to probate in each of those states.... 
by Kelly Law Firm | Aug 24, 2022 | Blog, Estate Planning, Inheritance Laws, Myth, Probate
In-State Resident and Probate Do you live outside of Colorado but are named as Personal Representative for a Colorado resident? No problem! Colorado does not require an in-state resident status. However, probate laws may differ from state to state and could end up... 
by Kelly Law Firm | Aug 11, 2022 | Blog, Estate Planning, Inheritance Laws
Occasionally, a beneficiary gets greedy and will try to get away with murder in order to inherit. Luckily, Colorado has an inheritance law, commonly known as the “Slayer Statute.” This law disinherits a beneficiary who is found guilty of murdering the decedent.... 
by Kelly Law Firm | Jul 18, 2022 | Blog, Estate Planning
If you get a divorce, in most states your ex-spouse is automatically disinherited from your Will. Setting up an estate plan while divorce is pending could help protect your assets and your future. What if You Die before the Divorce is Final?! In that case, your... 
by Kelly Law Firm | Jul 5, 2022 | Estate Planning, Probate
Probate is the court process that happens when someone has passed away. Each state has different requirements, so it’s important to consider the laws for probate in Colorado. Understanding Probate in Colorado In Colorado, your estate gets pulled into probate if...