Will
At Jones Law Firm, PC, we understand that thinking about the future and planning for what happens after you’re gone can be daunting. However, creating a will is a crucial step to ensure that your wishes are honored and your loved ones are cared for. Our team is here to guide you through the process in Colorado, making it as straightforward and stress-free as possible.
Understanding the Importance of a Will
A will is a legal document that outlines how your assets will be distributed after your death. It allows you to designate beneficiaries, appoint guardians for minor children, and specify your final wishes. You can also nominate someone to serve as your personal representative to handle your final affairs.
Without a will, your estate will be distributed according to Colorado’s intestacy laws, which may not align with your desires. Your family might disagree about who should be in charge, and any promises you make will not be legally binding. Instead, everything will be determined according to the default provisions of Colorado law.
Key Components of a Will
When creating a will, there are several key components to include:
- Designating a Personal Representative/Executor: You will nominate someone to administer your estate and ensure that your wishes are carried out. You should also nominate at least one alternate in case your initial nominee is unable to serve.
- Designating Beneficiaries: You will specify the individuals or organizations who will receive your assets.
- Guardianship: If you have minor children, you can nominate a guardian to care for them.
- Specific Bequests: You can describe particular items or amounts of money you want to leave to certain people or organizations.
The people you nominate as personal representatives or guardians will need to receive authority from the court before they can act, but courts honor the wishes in a will unless a problem arises.
Why a Will is Essential
Having a will gives you control over who receives your assets and how they are distributed. Clearly outlining your wishes in a legally enforceable format can help prevent disagreements among family members.
If you have minor children, you do not want to leave their future to chance if the worst should happen. Nominating guardians for your children will ensure that your children are cared for by someone you trust. You can also include a testamentary trust to hold property until your children reach adulthood.
A well-drafted will can also make the probate process smoother and faster for your loved ones.
Drafting a Will in Colorado
Creating a will involves several steps:
- Inventory Your Assets: Make a comprehensive list of your assets, including real estate, bank accounts, investments, and personal property. Some assets will not pass through your will, so we can discuss your plans for those assets as well.
- Choose a Personal Representative: Select someone you trust who can carry out your wishes and manage your estate.
- Identify Beneficiaries: Decide who will receive your assets and in what proportions.
- Choose Guardians: If you have minor children, decide who you want to designate as guardians to care for them.
Once the key decisions have been made, your attorney will develop the provisions into a will that meets all state requirements and explains your wishes clearly and unambiguously. We will also ensure that the will is executed with appropriate formalities so it will be legally enforceable and “self-proving” so that your witnesses will not need to appear in probate court.
Practical Tips After We Prepare Your Will
Here are some practical tips to consider when preparing going forward. your will:
- Review Regularly: Review your will every few years or after significant life changes to ensure it remains up-to-date.
- Communicate Your Wishes: Discuss your plans with your personal representative and beneficiaries to avoid surprises and misunderstandings.
- Store Your Will Safely: Keep the original will document in a safe place and inform your executor of its location. The probate court will need to have the original document when the time comes.
Frequently Asked Questions About Wills
What happens if I die without a will in Colorado?
If you die without a will, your estate will be distributed according to Colorado’s intestacy laws, which prioritize spouses and children but may not align with your specific wishes.
Can I change my will after it’s been created?
Yes, you can update your will at any time. It’s important to review and revise your will periodically to reflect any changes in your life or financial situation.
Do I need an attorney to draft my will?
While it’s possible to create a will on your own, working with an attorney ensures that your will is legally sound and accurately reflects your wishes.
Contact Jones Law Firm, PC for Assistance
Creating a will is an essential step in planning for your future and protecting your loved ones. At Jones Law Firm, PC, we are committed to providing compassionate and professional guidance throughout the process.
If you need help drafting or updating your will, contact us today at 720-513-5983 or online. Our experienced attorneys are here to help you succeed with the complexities of estate planning and ensure that your wishes are honored.