What You Need to Know About Last Will and Testament, Colorado
Protect your legacy with a last will and testament in Colorado. Duncan Legal, PC can help you write a will. Get in touch with us today for more information.
What Is a Colorado Last Will and Testament?
It is a legal document outlining the distribution of a person’s assets to named beneficiaries upon death.
Simply put, it sets forth how an individual’s personal property must be distributed after the testator’s death. A testator refers to the person who makes the will. This document serves as the deceased’s final wishes and allows them to have control over who will inherit their possessions.
The Colorado last will and testament can serve the following purposes:
Appoint a guardian for minor children.
Establish trusts. For instance, include a testamentary trust to hold assets for the benefit of minor children until they reach a designated age.
Forgive debts owed to the testator.
Name an executor to carry out their final requests.
A will is ambulatory, meaning it moves with the person even if they relocate to a new state, and it may be changed at any time. Here at Duncan Legal, PC, you can find the help you need to establish a secure will or any other legal documents as per Colorado law.
Why Should I Make a Will?
A will is a document that ensures your loved ones are taken care of. Without a will, the court decides who inherits what, which can cause unnecessary conflict within the family during property distribution.
Making a will provides peace of mind to the testator. They can control how their estate is managed and distributed after death. As a result, family members can avoid lengthy probate proceedings, saving time and money for those left behind. It also reduces the potential for disputes among heirs in the family.
It’s important to consider updating your last will and testament periodically. Consider doing so as life changes occur, such as:
Birth of children/grandchildren
Acquisition of new property/assets
Steps to Create a Will in Colorado
Specific steps have to be followed when creating a Colorado will.
- The first step is to decide which assets you want to include in the will.
- Choose the heirs to your estate.
- Appoint an executor to take charge and distribute your possession after your death.
- Specify how your assets are to be distributed among family members or other beneficiaries.
- Keep your original copy of the signed and dated will at a safe location where it can easily be retrieved.
Consulting with an attorney when creating a will may be a good idea. It will help you ensure that all requirements are met and your wishes are properly documented.
Contact Duncan Legal, PC Today!
There are numerous factors to consider when making your Colorado will. By enlisting the help of a good estate planning lawyer, you may be able to navigate the entire process more effortlessly. You will also have greater peace of mind knowing that you have a strong will in place.
A competent estate planning attorney in Centennial can help you:
- Draw up your last will and testament
- Help you draft a living will
- Make you understand the different types of trusts available
- Explain the tax implications of creating trusts
- Navigate probate court proceedings and other important legal aspects related to estate planning
A lawyer can also guide you when selecting an executor or trustee. They will also ensure that all your end-of-life decisions are legally binding so that there are no disputes between beneficiaries later.
Spare your loved ones the hassle of handling probate by completing a last will and testament. Contact us today if you need help with your last will and testament or any other estate planning tool.