personal property checklist form estate planning

#PERSONAL PROPERTY CHECKLIST FORM ESTATE PLANNING HOW TO#

Signing Requirements – Should be signed by the principal in the presence of two (2) witnesses and a notary public.Therefore, the assets held by a Living Trust can be administered immediately following the principal’s death. Where the two documents differ, however, is that a Living Trust will not be assessed in the probate court. As with a Last Will and Testament, a Living Trust allows the principal to name their beneficiaries and specify the assets that each will inherit. Whichever assets are placed in the trust may still be managed and benefited from during the principal’s lifetime. Living Trust (Revocable) – This form creates a legal entity that holds possession of the principal’s assets. Acknowledged by the principal in the presence of a notarial officer.

Signed by two (2) or more individuals who witnessed either the principal’s signature or the principal’s acknowledgment of the signature or acknowledgment of the Will or.

Additionally, the document must either be:

Signing Requirements – The principal must sign or direct another individual to sign on their behalf in their presence.

During the probate process, court officials will determine whether the Will is valid and whether the value of the principal’s estate must be deducted to cover money owed to creditors.

The Last Will and Testament will be assessed in the probate court before the estate can be transferred to the heirs. Last Will and Testament (‘Will’) – A document which allows the principal to name their beneficiaries and designate the assets to be inherited by each. One of the most essential steps in ensuring the security of an estate is to create a document that spells out the principal’s preferred method of asset distribution. Benefits From Governmental Programs or Civil or Military Service.Estates, Trusts, and Other Beneficial Interests.Banks and Other Financial Institutions.That being said, individuals are always encouraged to sign in the presence of two (2) disinterested witnesses and have the signature authenticated by a notary public. Signing Requirements – Only requires the principal’s signature.Like the health care surrogate, the decision-making authority of the financial agent can be used even when the principal experiences a medical condition that leaves them unable to make competent decisions.ĭurable (Financial) Power of Attorney – This document designates the principal’s financial agent and defines the powers with which the agent may operate. This individual will make decisions regarding the principal’s property and finances. The principal can continue by electing another party known as a financial agent. While not legally required, the form should be signed in the presence of two (2) disinterested witnesses and notarized by an officer of the State. Signing Requirements – Requires the principal’s signature or the signature of another individual directed by the principal to sign on their behalf.It also allows the principal to specify instructions for the agent concerning any additional medical treatments, life-sustaining procedures, or other provisions they may require. Medical Durable Power of Attorney – This is the official document used to appoint the principal’s primary and alternate medical surrogates. Once selected, the health care surrogate will have permission to accept, refuse, or stop any medical care administered to the principal. This individual will be responsible for communicating the principal’s health care wishes when he or she is unable to express their own decisions.

The documents available in this checklist should be reviewed by a licensed attorney before being signed or filed with the applicable government agencies.Ĭolorado residents should begin the estate planning process by choosing a health care surrogate (a.k.a. Navigating through the guide below will provide insight into the process of preparing one’s estate for possible illness and death.

Choose the Beneficiaries and Designate Assets.

#PERSONAL PROPERTY CHECKLIST FORM ESTATE PLANNING HOW TO#

How to Create an Estate Plan in Colorado (6 steps) After ensuring the security of their well-being, the principal can determine how their assets will be distributed by completing a Last Will and Testament or a Revocable Living Trust. Such administrative provisions will be outlined in a Medical Durable Power of Attorney and a Durable (Financial) Power of Attorney. The owner of the estate (the “principal”) can define the health care and financial services they wish to have administered in medical emergencies. A Colorado estate planning checklist is a list of useful documents for individuals preparing their estate for death or mental incapacitation.

Personal property checklist form estate planning