Areas of Practice:

Elder Law
Estate Planning
Wills and Trusts
Estate Administration
Trust Administration
Guardianships
Conservatorships
Real Estate

Legal Lingo

Agent:  The person named in a power of attorney to act on the principal=s behalf.  Sometimes called an attorney-in-fact.  It is extinguished at death.

Beneficiary Deed:  A revocable deed designating persons to receive your Colorado real estate while avoiding probate.     

Codicil:
  An amendment to a will.

Community property:
  Assets a married person acquires during the person=s marriage while living in a community property state.

Conservatorship:
  A court proceeding in which a judge appoints a person or organization (the conservator) to take control of and manage the financial affairs of an incapacitated person.

Estate administration:
  Sorting out what happens to a person=s estate after the person dies.

Estate tax:
  A tax on assets owned by a decedent at death. 

Gift tax:
  A tax on gifts made while the giver is alive.  No tax is due until the giver has used up his or her lifetime gift tax exemption amount.

Grantor:
  The person creating and signing a trust.  Sometimes called the settlor or trustor.

Guardianship:
  A court proceeding in which a judge appoints a person to deal with personal and medical affairs of an incapacitated person.

Holographic will:
  A will where all material provisions are in the testator's handwriting.

Intestate:
  A person who dies without a valid will dies Aintestate@, and Colorado Law determines who is entitled to the deceased’s assets. 

Life estate deed:
  An irrevocable deed transferring the remainder of real estate upon owner=s death.

Living Trust:
  An estate planning document used to transfer assets at death while avoiding probate.

Medicaid:
  A combined Federal and State program that pays for care services (nursing homes) for people who have few assets and limited income.

Medicare:
  A federal program that provides health insurance for individuals who have certain disabilities or are 65 or older.

Personal Representative:
  The person a judge appoints to handle the probate estate, (pay debts and distribute assets). The term Executor is used in other states.

Pour-over will:
  A simplified will that directs that any probate estate assets transfer at death (pour over) to trust ownership.  Used with a living trust.

Power of attorney for financial matters:
  A legal document in which you name one or more agents to manage financial and property affairs for you.

Power of attorney for medical care:
  A legal document in which you name one or more agents to be your medical advocate.

Principal:
  The person who signs a power of attorney.

Probate:
  A court proceeding to pass the probate estate of a deceased person to his or her heirs.

Probate avoider:
An arrangement (beneficiary naming, joint tenancy, pay-on-death account, revocable trust, etc.) used by a person during lifetime that removes an asset from his or her probate estate.

Separate property:
  Typically, assets a married person inherits or receives as a gift, or that were owned by the married person before the marriage. 

SSD:
  Social Security Disability, a disability program for those 65 years or younger.

SSI:
  Supplemental Security Income, an income assistance program for people who are 65 or older, blind or disabled, with low assets and low income.

Testator/Testatrix:
  The person who creates and signs a will.  Testator is masculine, testatrix is feminine.

Trustee:
  The person named in a trust to be in charge of trust assets.

Will:
  An estate planning document used to name the personal representative (executor) and who will receive the probate estate.

 

Tamra K. Waltemath, P.C.
3843 West 73rd Avenue
Westminster, Colorado 80030
(303) 429-3518
www.WaltemathLawOffice.com

 

Special message from Elder Law Attorney Tamra K. Waltemath to our Senior friends:  AIf you want to learn more about Senior planning, write, call, or e-mail for our FREE packet called Colorado Estate Planning Made Easy.@

 


The Henry Law Office Building
3843 West 73rd Avenue
Westminster, Colorado 80030

Open 8:30-4:30 Monday through Friday
Ph: 303-657-0360
FAX: 303-429-2552