Many people in Colorado don't understand the importance of having a will despite the many benefits of having one. Creating a will is an essential part of estate planning and to put it simply, everyone should have a will.
What is a will? A will is a legal document that specifies how your assets and property will be distributed after you pass away. A will can also name guardians for minor children. A will is very important and individuals who die without a will leave the decision of what happens to their assets and who takes care of their children up to the courts.
A will requires you to name an executor who will be responsible for managing your estate. It is important to pick a responsible and trustworthy person to be the executor of your will as they will be distributing your property, filing tax returns and working with creditors if necessary.
Having a will is essential. Unfortunately, many people end up dying without a will every year in the U.S. People who pass away without a will means that the courts will decide what will happen to your property. It also makes it difficult for your family as they will have to go to court to fight for their inherited possessions since your wishes for who gets what was not documented.
Creating a will does not need to be complicated. However, it is important to review and update your will every few years after creating one. It is also important to update your will whenever any major life changes happen, such as getting divorced, having children or more grandchildren or when your finances or property ownership changes.
Individuals interested in creating a will should contact an estate planning attorney to learn more.
Source: CNN Money, "Ultimate guide to retirement,"