Having a will is one of the most important commitments you can make for your family. As will lawyers, we help clients through the process of determining how their assets should be divided upon their death.
Call our office at 970-893-8857 to schedule a consultation with an experienced Fort Collins will attorney.
What is a Will?
A will is a legal document specifies the distribution of a person’s assets after they pass, and who should administer the distribution of your assets. It can also be used to specify who you want to serve as the guardian or guardians of your children if they are under age 18 at the time of your death. A will also enables you to communicate your funeral wishes to
What Assets Are Distributed by a Will?
A will can be used to transfer all of a person’s assets owned at death that are not subject to other transfer provisions, such as “pay on death/transfer on death” accounts or assets held as joint tenants with right of survivorship.
What are Non-Probate Assets?
Non-probate assets are those assets for which the law recognizes other transfer on death provisions. Non-probate assets are transferred pursuant to the ownership or account transfer specifications upon a person’s death, rather than by the provisions of a person’s will. Non-probate assets include:
- Assets held in trust. Assets that a person has transferred into a trust – including those in revocable trusts in which the transferring person is also the trust beneficiary – are not considered to be owned by the person.
- Transfer on Death and Pay on Death Accounts, and Transfer on Death Property Deeds. To the extent recognized by the law, the designated transferee of these accounts and assets will automatically become the new account or asset owner after death.
- Life insurance policies and retirement account benefits. The people designated in these policies and accounts will receive the account assets upon the death of the account or policy owner.
- Certain other contracts. Certain other contracts may exist that provide how specific assets will be distributed.
All assets other than the non-probate assets noted above will be transferred either by will or by Colorado intestacy law.
What Happens If I Die Without a Will in Colorado?
If you pass without a legally binding will, the non-probate assets in your estate will be subject to Colorado’s intestacy laws, regardless of any wishes that you may have expressed about who should receive your property. Additionally, without a will, the court will appoint a guardian for any minor children, which could create uncertainty and distress during an already difficult time.
To avoid this scenario and ensure that your loved ones are cared for according to your wishes, it’s essential to have a well-crafted will covering all of your non-probate assets. As estate planning attorneys, we can help you through the process of identifying your concerns about the inheritance of your assets, and advise you as to how to accomplish your objectives in a cost and tax minimized fashion.
How Are Assets Distributed in Intestacy in Colorado?
If there is no will, Colorado intestacy law prescribes how assets must be distributed. In the case where a parent dies without a spouse, all assets must be divided equally between the children based upon the fair market value of the assets.
This can cause huge fights. Some assets – like jewelry or a family bible – may have great sentimental value, but little fair market value. How should these assets be divided?
It’s easy to see how disputes can arise. You can avoid this situation easily and inexpensively through the creation of a will and estate plan.
Ensure Your Will is Legally Binding
All wills go through probate. Probate is a court process that determines a will’s validity. In Colorado, there are specific requirements for having a valid will. In addition, for a will to be valid the person signing the will must be “of sound mind,” and not under undue influence.
In addition to simply having a valid will, it’s critical that a will is specific with respect to identifying who should inherit specific assets, and that the will encompasses all assets that may be in an estate. As an estate planning law firm, we ensure that wills are complete with respect to these matters so that the probate and estate distribution process can be completed in a timely and expeditious manner.
Can’t I Just Tell My Children How I Want My Property Divided?
While verbally communicating your wishes to your children may seem like a simple solution, it is not legally binding.
In Colorado, the division of property and assets after death must follow legal procedures, and without a valid written will, your estate will be subject to the state’s intestacy laws. These laws may distribute your assets in a way that doesn’t align with your verbal wishes, potentially leading to conflicts among family members.
Avoid Family Disputes
Estate planning can be a sensitive topic, especially in families with complex dynamics. Without clear instructions in a legally binding will, disputes may arise over inheritance rights or the management of assets. Family members may contest the will during probate, leading to prolonged legal battles that can strain relationships and delay the distribution of your estate.
An attorney-drafted will minimizes the likelihood of disputes and ensures that your intentions are carried out as you wish. Our will attorneys can work closely with you to develop a plan that addresses potential issues and ensures clarity for all parties involved. We help you avoid the stress and conflict that can arise during probate by creating a solid and enforceable will.
Colorado Will FAQs
What is the purpose of a will?
A will allows you to direct how your assets will be distributed after your death, specify guardians for your minor children, and designate a personal representative to manage your estate. It provides a clear, legal framework for distributing your estate according to your wishes, helping to minimize delays and disputes during probate.
Are video wills legal in Colorado?
No, video wills are not valid in Colorado.
While a video recording can provide additional context or clarification, it cannot replace the formal written requirements of a will.
What are the Requirements for a Will to be Valid in Colorado?
In order for a will to be valid in Colorado, the will must:
- be made by a person who is age 18 or older who is of sound mind and without undue influence when executing the will, and that person must understand the general nature of the assets encompassing their estate and how their assets will be transferred upon their death,
- be in writing,
- be signed by the person creating the will (or the person can instruct someone to sign the will for them if the person is physically unable to do so if such instructions are witnessed), and
- be witnessed by two competent witnesses or by a notary.
Fort Collins Will Lawyers
At Anzen Legal Group, we understand the importance of having a comprehensive estate plan in place. Our Fort Collins will attorneys take the time to get to know you and your unique circumstances, ensuring that your will reflects your wishes and protects your loved ones. We work with clients throughout Fort Collins and Colorado to create personalized estate plans that provide peace of mind and security.
Whether you need help drafting a will, updating an existing document, or exploring other estate planning options, our team is here to guide you through the process. We also assist with creating living wills, which allow you to outline your healthcare preferences in the event you become incapacitated.
Contact Anzen Legal Group for Your Estate Plan
Start planning for the future today. Protect your assets and provide for your family with the help of Anzen Legal Group’s experienced Fort Collins will lawyers. Contact us to schedule a consultation and take the first step toward securing your legacy.
The Anzen Legal Group represents clients throughout Colorado in communities such as Fort Collins, Denver, Colorado Springs, Boulder, Aurora, Grand Junction, Centennial, Greeley, Castle Rock, Lakewood, Broomfield, Arvada, Pueblo, Parker, Longmont, Westminster, Loveland, Thornton, Commerce City, and Canon City.
Will News & Insights
Stay informed on the latest updates and best practices related to wills and estate planning with our curated resources. Whether you’re looking for guidance on drafting a will, understanding probate, or exploring ways to protect your assets, our collection of articles provides valuable insights to help you make informed decisions about your estate. Explore the links below to learn more and ensure your will reflects your current wishes and circumstances.
