Navigating Estate Planning and Probate Law with Aaron Evans
When someone dies suddenly, their family is often left asking: Was there a will? Who’s in charge? What happens to the house? In this episode of Unthinkable, Kyle Bachus talks with Aaron Evans, managing partner at Evans Case, a Colorado firm focused on estate planning, probate, and elder law, about what families face after a loss and how to prepare ahead of time.
Why a Will Matters
Only about 30% of people have a will. A will does two key things: it names who will be in charge of your estate, and it states who receives your property. It can also protect minor children by setting up a trust that releases money at older ages instead of handing it over at 21. Without a will, Colorado law decides who inherits and who can serve, which can lead to family disputes that could have been avoided.
How Probate Works
Smaller estates without real estate may be settled with a simple small estate affidavit, without going to court. Otherwise, the estate goes through probate, which is often quick when everyone agrees. Formal probate is needed when a will is questioned or family members disagree. Aaron also reassures families that heirs are not personally responsible for a loved one’s debts, like medical bills or credit cards, though secured debts like a mortgage or car loan should keep being paid.
Trusts and Beneficiary Designations
A trust can let a successor take over right away and keep matters private, but only for assets actually titled in the trust’s name. Payable-on-death accounts and beneficiary deeds can also keep assets out of probate. Life insurance, 401(k)s, and IRAs go to the named beneficiary regardless of what a will says, so those forms must be kept up to date, especially after a divorce or second marriage.
Key Takeaways
- Make a will, especially if you have minor children. Even a handwritten will is better than nothing.
- Review your beneficiary designations and how your accounts and property are titled.
- Keep a one-page list of passwords and access codes for your phone, email, banks, and social media.
- After a loss, avoid paying unsecured debts until the creditor period has run.
Ways to Listen
Watch or listen to the full episode of Unthinkable on your favorite platform:
