(303) 268-3991

Law Offices of E. Christopher Lang P.C.  

Wills- Denver Paid on Death Beneficiary Attorney

A Will is a testamentary device that allows you to leave your assets to the persons that you choose. You will need to name a primary beneficiary and a secondary beneficiary. Generally we distribute a person’s estate in percentages since the assets in an estate are always changing.

However, you can leave specific items to specific persons. This is referred to as a specific devise. (eg. I leave my cabin in Breckenridge to my brother, Igor) If the cabin is sold prior to your demise Igor gets nothing.

The balance of your estate is referred to as the Residuary estate.  That is everything else that you own at your time of death. It does not include items that passed to beneficiaries in a different manner:

Joint Tenancy. – is joint ownership of an item and passes AUTOMOTACALLY to the survivor upon the demise of one of the joint tenants.

Tenancy in Common-is joint ownership of property but each party has an undivided 50% interest in the property and the decedent’s 50% interest passes via the decedent’s Will.

Paid On Death Beneficiary- Is a beneficiary listed most commonly on bank accounts. It allows the account (asset) to pass automatically to the named beneficiary with the presentation of the owner of the accounts death certificate.

Beneficiary- Is commonly listed on Life Insurance and Retirement plans. It passes to the named person upon the demise of the person who life the life insurance is on or the owner of the Retirement plan. Generally, there is no tax on life insurance. However, the deferred benefit on a Retirement plan is generally subject to taxation at the rate of the person whom inherited it.

Also In your Wills you will need to name a Personal Representative. The personal representative is the person who name in the Will and the Court appoints to take care of your estate after your demise. All of my firm’s Wills come with a Personal Property Memorandum which allows you to leave specific personal property items to specific persons.


WILLS are:

1.      Subject to Probate

2.      Do not provide any estate tax relief

3.      Do provide a step up in basis for capital assets

4.      Do not allow one to control distributions to beneficiaries (eg. Minors)

5.      Are open to the Public


Costs:

We Prepare Wills Staring at $200.00.

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