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Wills can be very powerful estate planning documents that can set terms for powers of attorney, asset distribution and even the care for orphaned minor children.
There are some things that wills are NOT able to do. Understanding the limitations of wills can be crucial to knowing when you may need to take further estate planning steps for you and your family.
In fact, while wills can detail how the assets that you own solely are to be distributed upon your passing, they cannot stipulate how the following property is handled:
Although a will can be devised to set up trusts and other tools that can help reduce future estate tax obligations, they typically cannot help people get out of having to pay these taxes altogether.
For instance, a will cannot specifically state that a beneficiary has to change his religion or marry/divorce a specific person in order to receive a certain inheritance. To a lesser degree there may be ways of setting up conditions for inheritance. For example, certain funds may be earmarked for a child if or when that child pursues a higher education.
This is fairly self-explanatory but is important to point out. The inheritance designations outlined in a will cannot be associated with illegal activities.
The bottom line is that, while wills can be powerful, they do have limitations. Working with an experienced will lawyer can be essential to ensuring that you develop the right will and overall estate plan for you and your family.
Are you ready to develop or update a will? Or do you need help with any other estate planning or probate matters? If so, it is time to contact on an experienced Denver will attorney at Colorado Estate Matters, Ltd.
Our lawyers provide a thoughtful, comprehensive approach to our clients’ estate planning needs. We take pride in helping each of our clients and their families find the best solutions for them. This means that when you turn to us for estate planning help, you are able to count on us providing you with:
We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.