Wills: Foundational Tools In Estate Planning

Planning for you and your family’s financial security begins with an estate plan that addresses both the expected and the unexpected. For many, a will is an important part of that plan.

At Chayet & Danzo, LLC, we take pride in helping people secure their legacy through thoughtful estate planning. Our award-winning wills and trust attorneys combine compassion, talent and dedication to deliver high-quality guidance on all aspects of Colorado estate law.

Crafting Your Will: What’s Included?

A will should be tailored to your unique needs. It should address:

• Designation of an executor to administer the estate
• Instructions for how to distribute assets
• Nominations for guardians of minor children
• Specific bequests, including monetary gifts or personal items

These components ensure that your estate is managed according to your wishes.

A will can work alongside other critical estate planning documents – such as trusts, living wills and durable powers of attorney – to protect and prepare yourself for whatever comes your way.

Legal Requirements For Colorado Wills

Colorado law imposes several requirements for a valid will:

• The testator (that is, the person creating the will) must be at least 18 years old.
• The testator must have legal capacity, meaning they are able to make decisions and understand what they are doing.
• The will must in writing, signed and witnessed by at least two other people.

Our lawyers will ensure that your will is legally valid.

Frequently Asked Questions About Wills In Colorado

Below, you will find more information about wills as well as trusts and estate plans.

What is a will?

A will is a legal document that allows for the distribution of your property upon your death. Wills can come in many different forms, from very complex wills that have different trusts for tax planning purposes, to simple wills. Each will should be tailored to the client’s individual needs, and form wills should be avoided.

What is the difference between a will and a trust?

A will allows you to distribute your estate assets contained in the manner you wish. You can list the personal property you own and provide instructions as to who should take possession of it. In a will, you can choose your personal representative to carry out the will’s terms.

A trust, on the other hand, allows you to set aside property and assets for specific purposes. It allows you to provide instructions concerning the holding of assets. A trust can also set conditions regarding distribution of those assets. If you have a child who will need lifelong care, a special needs trust may be a good idea.

When should I update my will, trust or estate plan?

If any of the following circumstances apply:

• You have recently married or divorced.
• You recently adopted or gave birth, or you lost a child, grandchild, parent or spouse.
• There was a change in whom you want to name as a trustee or personal representative or guardian.
• You have minor or disabled children or grandchildren and you don’t have a will that names a guardian or creates a trust.
• You have a parent who is disabled and there has been no planning for long-term care.
• Your estate has increased in value, or you have inherited property, but you have not provided for any estate tax planning in your will.
• You have moved from a community property state to a common law state, or you have moved from a common law state to a community property state.
• You have a disabled spouse, and you have not provided for a trust or a trust in your will.
• You have remarried and you have children by a prior marriage and/or children by a second marriage.
• You have adopted a child, or your child has adopted a child.
• There has been a change of ownership in the family business.
• Your child has filed for divorce or bankruptcy.
• You have an estate subject to federal estate tax and your will uses a pre-1981 marital formula clause.
• You have purchased or sold property that was specifically devised in your will.
• You have acquired assets in another state that you have not placed in a trust.
• A loved one has entered or is about to enter a nursing home.
• You need to take advantage of the new family estate tax business exclusion, or you are contemplating making significant gifts to your children.

Is your estate plan up-to-date? Many people are unsure of when to change a will and how to go about doing so. Fortunately, the process isn’t as complex as many fear. Working with an experienced estate planning attorney is advisable to ensure that your assets are protected and wishes made known. If you are interested in speaking to an estate planning attorney about updating or revising your will, please contact us.

Get Started Today

We offer free initial consultations to discuss your estate planning needs, including drafting or updating your will. Call 303-872-5980 or send us an email to get started. Our attorneys are ready to meet with you at our offices in Denver, Edwards or wherever best suits your needs.