Will preparation is an important part of the estate planning process. By creating a will, you are taking proactive steps to ensure that your assets are distributed according to your wishes when you are no longer around to make key decisions.
Unfortunately, the death of the testator can also set the stage for contests that can leave a lasting impact on the beneficiaries. This is especially possible when there are questions regarding the content of the will. However, if you are fearful that someone might challenge your will, there are certain steps you can take to prevent this from happening. Here are some of these steps:
Talk to your dependents about your will
Revealing the contents of your will before your demise can go a long way in preventing it from being contested. By being transparent about how you have distributed your assets, you will avoid any unpleasant surprises that might prompt dissatisfied parties to contest your will. This is especially important if there is something specifically unique about your will.
Include a no-contest clause
A no-contest clause basically states that any beneficiary who challenges the validity of the will shall forfeit any inheritance they are set to receive in the will if they contest the will and lose. However, it is important to understand that a no-contest clause doesn’t actually bar someone from contesting the will. It just puts a price tag on the action if they aren’t successful.
Ensure that your will is properly executed
From lack of testamentary capacity to lack of witnesses, undue influence, multiple conflicting wills and fraud, there are a number of reasons why your will can be successfully contested. Understanding Colorado will laws can help you avoid these mistakes and create a valid will that can stand the test of time.
A will is the cornerstone of the estate planning process. Find out how you can create a will that shall reflect your wishes when you pass on.