When one spouse passes, the trust will continue in effect for the benefit of the surviving spouse. The surviving spouse will have the power to direct the distribution of all trust assets. If the surviving spouse becomes incapacitated or disabled, the trustee may distribute trust funds for the benefit of the surviving spouse and/or his/her dependents. In the event both spouses become disabled and unable to manage the trust assets, your trustee may make distributions from the trust assets to provide for the health, education, support, or maintenance of any person(s) that are dependent upon you.
A long-term guardian is a court approved individual who makes decisions regarding a minor child’s support, care, education, health, and welfare. By creating guardianship documents to accompany your will, you can ensure that your choice for your child’s guardian are made known.
A living will gives direction to your agent (the same agent designated above) if you are terminally ill. For example, you can specify the circumstances under which you wish to receive medical care, including surgery, resuscitation, or life support.
A medical durable power of attorney gives another person the authority to be your agent to make decisions on your behalf (such as: medical treatment, health care, personal care and/or residential placement). Should you ever be unable to make such decisions yourself.
If your spouse is not alive at the time of your death, your will provides that a “Residuary Trust” will be created from your estate to be used for the health, education, support or maintenance of any minor children. This trust will automatically terminate when all of your children reach the age specified in your will. If you have no minor children at the time of your death, your estate will pass directly to your children, without the need for a residuary trust.
A “Personal Representative” in some states called an “executor,” has broad powers to administer and distribute your property after your death. The individual is named in your will and would obviously be someone you trust. Sometimes an attorney is selected as a personal representative since they have no stake in the proceeds of the estate. Colorado allows for reasonable expenses and compensation be paid to the executor. Your will specifies how much if any expenses and compensation the executor is permitted.
A will is the legal instrument in which you specify the method to be applied in the management and distribution of your estate (the stuff you own) after death. In Common Law, an instrument disposing of Personal Property was called a “testament,” whereas a will disposed of real estate. Over time the distinction has disappeared so that a will, sometimes called a “last will and testament,” disposes of both real and personal property. If you do not leave a will, or the will is declared invalid, you will have died intestate, resulting in the distribution of the estate according Colorado […]