A will forms the foundation of estate planning for many people. If you do not yet have a will or estate plan, call Colorado Estate Matters, Ltd. at (303) 713-9147. An experienced Denver will attorney at our firm can draft a basic will and accompanying documents at a reasonable price.
Why Choose A Denver Will Attorney?
We offer a free initial consultation to prospective clients and current clients.
Our Denver estate planning attorneys have more than 20 years of experience handling all estate law matters and innovative approaches to meet your needs and objectives.
Attorney Justin W. Blow can assist you on contested wills, probate and issues regarding common law spouses.
What Is a Will?
A Last Will and Testament is often known as a will. It is a legally binding document that dictates your desires regarding your property and family after your death. It may refer to other documents and processes required to bring those desires into effect. Your will describes the distribution of your assets among your heirs. If you have minor children, you can name their guardians in the event of your death in your will.
How Do Wills Differ from Trusts?
A will and a revocable living trust will serve some similar purposes. This allows you both to name beneficiaries for your property and assets which can be revised in the long run. Additionally there are important differences between the two types of estate planning documents, including the following:
A will is used to convey property in your name only at the time of your death. A will cannot be used to convey property that is held in joint tenancy or in a living trust. A revocable living trust covers any and all property that has been transferred into the trust.
A will passes through probate, a process through which the probate court ensures the will is valid and oversees the distribution of assets. A trust passes outside of probate, without the involvement of the court.
A will becomes part of the public record. On the bright side a trust can remain private.
A will allows you to name a guardian for your children and specify funeral arrangements. You can also name a guardian for your children and specify funeral arrangements with a living trust.
You can leave instructions in a will as to how certain debts should be paid. It can also forgive debts owed to you by others. A living trust will not allow you to leave instructions about certain debts.
What Other Documents Do You Need with a Will?
If your attorney determines that a will should be used for your estate planning, you will also need the following:
Powers of attorney: Unexpected accidents and illness can leave people temporarily or permanently incapable of managing their own affairs. A power of attorney designates who will make decisions for if you become incapacitated.
Living will: A living will is a known as your advanced medical directive. In Colorado a Declaration as to Medical or Surgical Treatment is also known as your living will. A living will is an instrument that allows you to make your wishes known to medical providers and family members, taking the burden off your family, about the treatment you would want to receive if you were ever in a terminal, vegetative state.
What Should You Never Put in Your Will?
A will’s main purpose is to legally state what you’d like to leave behind to beneficiaries. There are things not legally enforceable in a will, such as:
Providing care for beneficiaries who have special needs – this will need its own separate document, called a special needs trust
Setting certain conditions for inheritance – you may set conditions for an inheritance to your beneficiaries as long as these conditions are not based on religion or marital status
Providing funds to any illegal activities
Get In Touch with Colorado Estate Matters, Ltd.
We take a comprehensive, knowledgeable approach to estate planning at Colorado Estate Matters, Ltd. Contact our Denver will attorney today at (303) 713-9147 to speak with a Denver will attorney who will provide legal guidance in creating a will and estate plan to best suit your needs.
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.