FAQs about Drafting Wills (Pt. 2)

November 15, 2014 Posted In Wills
by Colorado Estate Matters

Continuing from where FAQs about Drafting Wills (Pt. 1) left off, here are some more insightful responses to questions about drafting wills in Colorado.

Q – How can drafting wills now help my family in future?

Drafting wills that meet people’s needs and final wishes can be a complicated process. Here’s some important info about drafting wills in Colorado.

Drafting wills that meet people’s needs and final wishes can be a complicated process. Here are some important info about drafting wills in Colorado.

A – In many ways, with the specific benefits depending on the details of a given situation, estate and family. In general, some of the most significant benefits of drafting wills now include:

  • Clearly outlining end-of-life directives for family members – This can ease their stress and help them carry out people’s final wishes when these people may be unable to communicate these wishes.
  • Setting up medical and financial powers of attorney when people have the clear minds to do so
  • Distributing the assets of an estate to the heirs and beneficiaries whom people want to receive these assets
  • Possibly even disinheriting certain family members
  • Helping family members minimize their tax obligations after a loved one has passed
  • Helping family members avoid probate (or expedite probate)
  • Setting up special estate planning options for specific family members, such as those who may have special needs or impairments.

Q – What are the consequences of not drafting wills now?

A – This question about drafting wills is pretty much in line with the previous one, as failing to have wills in place can mean that a person’s relatives:

  • Will not clearly know a person’s final wishes
  • Can be left to deal with complicated, contentious and costly probate proceedings
  • Can leave beneficiaries having to pay excessive estate taxes
  • Can end up meaning that more of the assets that should have gone to a person’s loved ones end up going to the government (via taxation) or to creditors (to resolve debts).

Q – Will my will dispose of all of my assets?

A – Your will typically disposes of the assets that you hold in your name alone and that don’t already have beneficiary designations associated with them. Other assets, like those held jointly with a spouse or those that allow for beneficiary designations do not need to be dealt with or even identified in wills.  These assets do not need to pass through probate (as long as the beneficiary has been named) because there is no question about who the recipient(s) of these assets will be.

Be sure to check out the upcoming conclusion to this blog series!

Denver Wills Attorneys at Colorado Estate Matters, Ltd. can draft a custom will for you and your family.

When you are ready to draft a will or explore your other estate planning option, you can turn to the wills and estate planning lawyers at Colorado Estate Matters, Ltd. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs.  We take pride in helping each of our clients and their families find the best solutions for them.

Our goal is to help our clients efficiently navigate the complexities of the law so they can develop effective, prudent solutions that will protect them, their assets and their families in the future.

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