How to Create a Will in Colorado
Planning for the future might not be the most exciting topic, but creating a Will is one of the most thoughtful decisions you can make for your loved ones. Without a Will, Colorado’s intestacy laws will dictate how your assets are distributed—and that may not align with your wishes. In this guide, we’ll walk you through the essentials of creating a Will in Colorado so you can approach this process with clarity and confidence.
At Jones Law Firm, P.C., individuals and families craft estate plans that reflect their priorities. We’re here to simplify the process and help you understand how to ensure your final wishes are honored.
Legal Requirements for a Valid Will in Colorado
To create a valid Will in Colorado, you must meet a few specific requirements. Here’s what the law says:
● Age Requirement: You must be at least 18 years old to make a Will.
● Testamentary Capacity: You need to be of sound mind, meaning you understand the nature of making a Will, the extent of your assets, and who your beneficiaries are.
● Written Document: A Will can be typed or handwritten. Colorado recognizes both traditional Wills and holographic (handwritten) Wills.
● Signature: You must sign your Will or allow someone else to sign it in your presence if you are unable.
● Witness Requirements: Colorado allows two disinterested witnesses to sign your Will. Alternatively, you can sign or acknowledge your Will in front of a notary.
Meeting these requirements ensures your Will is sustained in court if it’s ever contested. While it might seem simple, even small errors can lead to complications, so attention to detail is key. The worst part, if you make any errors, you will not know until it is too late to correct them.
Components of a Colorado Will
A well-structured Will includes several important elements:
● Identification of the Testator: Clearly state your name and affirm that this document is your Will.
● Appointment of a Personal Representative: Name a trusted individual to manage your estate and carry out your wishes.
● Distribution of Assets: Specify how you want your real estate, personal belongings, and financial accounts divided among your beneficiaries.
● Guardianship for Minor Children: If you have young children, nominate a guardian to care for them.
● No-Contest Clause (Optional): This clause can discourage beneficiaries from challenging your Will by potentially disinheriting anyone who contests it.
Including these components ensures your Will is clear and minimizes the risk of disputes among your heirs.
Step-by-Step Guide to Creating a Will
Creating a Will doesn’t have to be overwhelming. Follow these steps to ensure everything is in order:
1. Gather Information
Make a detailed list of your assets, including real estate, bank accounts, retirement funds, and valuable personal belongings. Identify your beneficiaries and decide how you’d like to distribute your assets. It’s also helpful to list any debts or obligations you’d like addressed. Remember, if your bank accounts, retirement, and/or life insurance have designed beneficiaries, those designations cannot be changed by a Will, only by using the forms provided by the bank, your employer, and/or the insurance company.
2. Choose a Personal Representative
The person selected must be (18) years of age; (2) have life experiences (i.e. can balance a checking book, timely pay credit card bills, keep records, etc.); and (3) be someone you have complete trust and confidence in.
3. Distribution of Your Assets
You can give personal property to your beneficiaries in a Personal Property Memorandum attached to your formal Will. It does not need to be notarized or even witnessed but it must be in your handwriting, signed and dated; and it cannot contain any real property or cash.
You can leave real property and cash to specific individuals by including the bequests in the Specific Requests paragraph of your formal Will.
The rest residue and remainder of your Estate can be given all to one person; or, to several people by percentage or other methods (i.e. half to my spouse and the balance to my children in equal shares).
4. Execute the Will
Sign your Will in the presence of two disinterested witnesses or a notary. If you choose witnesses, ensure they sign as well. Following the proper execution process is critical to the validity of your Will.
5. Store the Will
Keep the original document in a safe place, such as a fireproof safe or a safety deposit box. Inform your Personal Representative of its location to avoid complications when the time comes.
Common Mistakes to Avoid
Avoiding common pitfalls can save your family unnecessary stress and legal battles. Here are some mistakes to watch out for:
● Ambiguous Language: Vague instructions can lead to disputes. Be specific about who gets what.
● Improper Execution: Missing signatures or failing to follow Colorado’s legal requirements can invalidate your Will.
● Failure to Update: Major life changes like marriage, divorce, or the birth of a child warrant updates to your Will.
● Disinheriting a Spouse: Colorado law provides certain rights to surviving spouses. Make sure your plan aligns with these laws.
Additional Considerations
Self-Proving Affidavit
Adding a self-proving affidavit to your Will can make the probate process easier. This sworn statement signed by you and your witnesses in front of a notary eliminates the need for witness testimony in court.
Electronic Wills
Since January 2021, Colorado has recognized electronic Wills to be valid, eWills must include an electronic signature and meet specific requirements, such as being witnessed or notarized electronically.
Holographic Wills
Handwritten Wills are valid in Colorado if entirely written and signed by the testator. While witnesses aren’t required, it’s still wise to include them to avoid potential disputes.
Filing the Will
After your passing, your executor must file the Will with the probate court within 10 days. Even if probate isn’t necessary, filing ensures the Will is part of the public record.
Changing or Revoking a Will
You can update your Will by creating a new one or adding a codicil. To revoke a Will, physically destroy it, or write a new Will that explicitly revokes the previous version.
Need Help with Your Colorado Will? Contact Jones Law Firm Today!
At Jones Law Firm, P.C., we’re committed to providing clear, reliable guidance for all your estate planning needs. Let us help you create a Will that reflects your wishes and provides security for your family.
Call us today at 720-513-5983 or visit our Contact Us page to schedule a free consultation. We’re here to make estate planning simple and stress-free.