Joint tenancy is a method of owning real or personal property in the name of two or more people. The effect of joint tenancy ownership is that the individuals own the property as a whole, which means that when one of the owners die, the property passes to the other owner(s) as their sole property. One of the positive attributes of joint tenancy ownership then it avoids probate which eliminates the need for court costs and legal fees associated with probate. Yet, there is a negative side to joint tenancy ownership. For example, if a joint owner has financial difficulties, a creditor can force the sale of the property to pay that debt, or a garnishment or judgment from a creditor can reduce the bank account. Also, all parties must agree on loans against the property or to sell or transfer the property. Owning property in joint tenancy may also have the effect of disinheriting children. Since joint tenancy property passes to the survivor outright, the property (land or bank account) becomes that sole individuals property, even if a Will dictates otherwise. Essentially, the surviving joint owner will not legally need to share in the value of the property. And, of course, another problem involves taxes. Placing property in joint tenancy may cause a gift tax liability or capital gains taxes. So, should you place property in joint tenancy? It all depends on your goals, your money and your estate planning needs. It is always advisable to seek legal advice when titling property.Editors Note: This article was submitted by Jolene L. Devries, Elder Law Attorney. She can be reached at 719-275-4424

One grandmother recently stated that she went through all the trials and tribulations if raising children just so she could have the joys of grandchildren. Little did she know at that time that she would be raising those grandchildren. The phenomenon of grandparents raising grandchildren is increasing and becoming more prominent in the legal system. Colorado law provides various legal avenues to afford grandparents rights to raise their grandchildren, make medical and educational decisions for their grandchildren, etc. The least expensive and most expeditious manner to give grandparents rights is where a parent may give a grandparent a document known as a Minor's Power of Attorney. The grandparent can use this document to seek medical attention or make educational decisions. This special power of attorney can last up to twelve (12) months and can be revoked at any time by the parent.The other avenue for grandparents is to seek court assistance. Court intervention provides more stability for the child(ren) and grandparents than a power of attorney. There are two statutory provisions that a grandparent may use to gain rights over a grandchild. The first is the Domestic Relations statutory provisions which allocate parental responsibilities to the grandparents. The second way is through the Probate statutory provisions where a grandparent can seek guardianship over the grandchild. Both of these avenues will afford grandparents extended rights to make important decisions regarding their grandchildren without terminating the rights of the parents and which can only be changed by court order. It is some times daunting to have to raise your grandchildren, but the law provides one with many options.Editors note: This article was submitted by Jolene L. DeVries, Attorney at Law. For further information she can be reached at 719-275-4424.

PROBATE AHH!!!Just the mention of the word sends chills down many Americans backs. But is it really that bad? We in Colorado are fortunate that our laws allow us to choose how to proceed into probate (which is the process of winding up the affairs of a decedent by paying creditors and distributing assets and property). The two choices are informal probate or formal probate.Informal probate means that the estate is not court-supervised. Administration of the estate begins by filing a number of probate forms with the District Court, having the Court admit the estate into probate and appointing a personal representative (formally known as an executor or executrix) to begin the process of paying bills, taxes, selling property and/or distributing the decedents assets pursuant to the decedents Will or by the intestacy statutes if the person died without a Will. An informal probate can be wrapped up after six months, but most estate matters take up to a year or more.Formal probate, sometimes referred to as supervised administration, occurs rarely, but is sometimes necessary when a dispute exists between those people interested in the decedents estate. In this case, the Court conducts hearings periodically regarding the distribution of the estate and other matters that arise during the administration process. A formal probate can last years and is often very costly.The good news is that 90% of all estates in Colorado are not supervised, thus there are less costs and attorney fees associated with an informal probate. Because Colorado has adopted what is known as the Uniform Probate Code, probate matters have been greatly simplified, thus, reducing the fear of probate that many of us exhibit today.So, does every estate need to go through the probate process? Not necessarily. For example, if an individual passes away with personal property and bank account assets (not real property) that are valued less than $66,000.00 a small estate affidavit can be used to transfer the property. Also, some property may just pass to another by operation of law, i.e. joint tenancy with right of survivorship, beneficiary designations on life insurance policies and IRAs, payable on death accounts (PODs), transferable on death accounts (TODs), and trusts. However, beware of transferring property or setting up a trust just to avoid probate. There could be significant tax implications and other unnecessary costs by transferring property without the advice of an attorney or accountant. Remember, probate should not be feared. Consult with your attorney on how probate can affect your estate.Editors Note: This article was submitted by Jolene L. Devries, Elder Law Attorney. She can be reached at 719-275-4424

Joint tenancy is a method of owning real or personal property in the name of two or more people. The effect of joint tenancy ownership is that the individuals own the property as a whole, which means that when one of the owners die, the property passes to the other owner(s) as their sole property. One of the positive attributes of joint tenancy ownership then it avoids probate which eliminates the need for court costs and legal fees associated with probate. Yet, there is a negative side to joint tenancy ownership. For example, if a joint owner has financial difficulties, a creditor can force the sale of the property to pay that debt, or a garnishment or judgment from a creditor can reduce the bank account. Also, all parties must agree on loans against the property or to sell or transfer the property. Owning property in joint tenancy may also have the effect of disinheriting children. Since joint tenancy property passes to the survivor outright, the property (land or bank account) becomes that sole individuals property, even if a Will dictates otherwise. Essentially, the surviving joint owner will not legally need to share in the value of the property. And, of course, another problem involves taxes. Placing property in joint tenancy may cause a gift tax liability or capital gains taxes. So, should you place property in joint tenancy? It all depends on your goals, your money and your estate planning needs. It is always advisable to seek legal advice when titling property.Editors Note: This article was submitted by Jolene L. Devries, Elder Law Attorney. For more information she can be reached at 719-275-4424

It is surprising that even though the one thing so certain in lifes cycle is death, many people dont know what to do when that inevitable event occurs. Following is a short guide of what to do:At the time of death: Call 911, your local Coroners Office or your hospice professional if your loved one is enrolled with hospice.Call family members or friends and ask for help in notifying others.Look through the decedents personal papers for burial information (i.e. funeral plan or written instructions).Contact a funeral home to arrange the pick up of the decedent.Check to see about petsDay One or Two: Meet with the funeral home for further arrangements such as services, location, military involvement, club or organization involvement, the obituary, burial plots and headstones.Order death certificates from the funeral home. A good rule of thumb on the number of Death Certificates to order is one each for every financial institution, vehicle, land, life insurance policy or other assets and then two extra.1 - 10 Days after death:Begin contacting the following individuals:Police to check on the decedents homeAn attorney to obtain information on how to deal with the decedents assets and debtsFinancial and banking institutions to obtain information on accounts, investments and whether the decedent maintained a safe deposit boxInsurance agents regarding claim formsVeterans Affairs and pension agencies regarding stop payments and possible benefits (the funeral home will contact the Social Security Administration for you)Utility companies to change or stop servicesNewspaper(s) and magazines to stop servicesPost Office to forward mailLook for DocumentsFuneral/Burial planWill an heir can request a bank to conduct a Will search in a safe deposit box. If a Will is found, the bank official must keep the Will and deposit it with the CourtLife insurance policiesFinancial statements from banks, stock brokerage firms and financial advisorsDeed(s) and titles to vehiclesBills (such as credit card statements, loans, etc.)Editors Note: This article was submitted by Jolene L. Devries, Elder Law Attorney. She can be reached at 719-275-4424

Is a Will really necessary? I have everything in joint tenancy with my spouse so I really dont think I need a Will.This is a common yet misguided thought among many individuals. Yes, it is necessary to have a Will. In this day of fast paced travel who knows if both you and your spouse will die in an accident. Do you really want the legislators to designate where your assets go and who will wind up the affairs of your estate? In Colorado, if you die without a Will the intestacy laws direct how your assets will be distributed and this may not be what you wanted.So, what really is a Will and what can it really do? A Will is a legal document that directs how your assets will be disposed of at your death. Your property, including real estate, bank accounts, stocks and bonds and personal property, etc., can be given away to anyone you choose, with certain exceptions, after all debts are paid. It also allows you to choose who will be your Personal Representative (the person who carries out your wishes).To insure a Will is valid, there are certain requirements that must be followed. You must be at least 18 years of age, you must know who your family members are, you must know the property you own and you must know the effects of your Will. Moreover, you must be the one wanting to make the Will and not because someone else is forcing you. It must be signed and dated and two (2) disinterested people must witness your signing of your Will. Colorado recognizes not only typed Wills, but also hand written Wills, known as Holographic Wills. But be careful, if you dont follow the rules exactly for your typed or hand written Will, that Will may be considered invalid.To have your wishes known and insure that your property goes to whom you want, a Will is a very powerful and imperative tool. And remember, you should review your Wills every four (4) years to make sure your property that you worked your whole life for is disposed of as you have directed.Editors Note: This article was submitted by Jolene L. DeVries, Attorney at Law, Caon City, Colorado. Ms. DeVries can be reached at 719-275-4424 or by e-mail at info@jldevrieslaw.com.

It is surprising that the one thing so certain in life's cycle is death, yet many people don't know what to do when that inevitable event occurs. Following is a short guide of what to do:At the time of death: Look through the decedents personal papers for burial information (i.e. funeral plan or written instructions). Contact a funeral home to arrange the pick up of the decedent and for further arrangements such as services, location, military involvement, club or organization involvement, the obituary, burial plots and headstones. Order death certificates from the funeral home. A good rule of thumb for the number of Death Certificates to order is one each for every financial institution, vehicle, land, life insurance policy or other assets and then two extra.After funeral arrangements have been made, begin contacting the following individuals:Police to check on the decedents home An attorney to obtain information on how to deal with the decedents assets and debts Financial and banking institutions to obtain information on accounts, investments and whether or not the decedent maintained a safe deposit box Insurance agents regarding claim forms Social Security/Veterans Affairs and pension agencies regarding stop payments and possible benefits Utility companies to change or stop services Newspaper(s) to stop services Post Office to forward mailWhat documents to look for:Funeral/Burial plan Will an heir can request a bank to conduct a will search in a safety deposit box. If a will is found, the bank official must keep the will and deposit it with the Court Life insurance policies Financial statements from banks, stock brokerage firms and financial advisors Deed(s) and titles to vehiclesEditors Note: This article was submitted by Jolene DeVries, Attorney at Law. For further information she can be reached at 719-275-4424