Checklist For Creating a Will
Before creating a will, it is important to consider what property is involved along with who will inherit certain properties, assets, heirlooms, etc. Examples of things to consider include but are not limited to:
- What property to include (real estate, business, jewelry, retirement accounts, pension benefits, cars, bonds, insurance policies, and other assets)
- Who will be the beneficiary or beneficiaries of the property
- Who will take care of the estate (executor)
- Who will be a guardian for any children involved
- Who will manage the property left to minor children, whether under the will or through a revocable or irrevocable trust
There are some property distribution exceptions to keep in mind. These include:
- Property that is held jointly with the right of survivorship
- Proceeds of IRA accounts and life insurance policies, which pass directly to the named beneficiaries regardless of what a will states
- A surviving spouse is entitled to an exempt property allowance from the estate ahead of most creditors and beneficiaries, and to a family allowance for support during administration. Where there is no surviving spouse, the decedent’s dependent children take the exempt property allowance. Both amounts are adjusted for inflation each year, so check the current figures rather than relying on a number you read somewhere.
These are some of the factors to consider when making a will. It is important to use clear, concise language when creating a will so that it is easily and correctly understood.
Complications of Not Having a Will
When someone dies without a will in Colorado, the Colorado intestate process distributes the property among those closest to the decedent. This usually means a spouse, children, or other close relatives. Grandparents or parents will be given property when there are no children or spouses.
When there are no “close” or immediate relatives, assets may end up the property of cousins or other distant relatives. Essentially, a person’s property can end up the property of the state if it is determined there are no living blood or marriage relatives.
By creating a will, you protect your property, loved ones, and family. A will is used to:
- Name a guardian for minor children who will need care following your death
- Leave all types of property to family members, friends, charities, or other organizations
- Designate a person the testator trusts to manage property left to minor children
- Designate an individual who will be responsible for carrying out the terms of the will
How to Create a Will in Colorado Online
Colorado recognizes electronic wills under the Colorado Uniform Electronic Wills Act, which treats them as wills for all purposes of Colorado law. To be valid, an electronic will must be readable as text when signed, and either signed by two witnesses or acknowledged before a notary located in Colorado. Witnesses can be electronically present rather than in the room.
That does not make every online template safe. A document that skips those formalities is at serious risk. A court can sometimes save it, but only on clear and convincing proof of what you intended, which is a hard and expensive way to get there.
If you are interested in creating a will or any estate planning document, contact the estate planning attorneys at Johnson Law Group with any questions you may have.
The risk in doing it yourself is less the drafting than the execution. Wills fail on witnessing and signing formalities, on ambiguous language about who gets what, and on assets that pass outside the will regardless of what it says. One exception is worth knowing: Colorado accepts a handwritten will without witnesses if the material portions and the signature are in your own handwriting.
Blended families, business interests, and out-of-state property are where the cost of getting it wrong is highest. Each of those raises questions a template does not ask, and the people who find out are the ones you meant to provide for.
Secure Storage of a Will
Writing a will is essential to protecting your loved ones’ futures and distributing your estate according to your wishes. However, storing your will is important as well. A drawer is not enough if fire, a tornado, or other damage could reach it, or if children or others could get to it.
There are probate services and will storage companies available to take care of storing a will; a will writing service can also store your will securely. Those who choose to store their own wills should choose a highly secure location such as a home safe or bank. Some people choose to entrust the storage of their wills to the executor of the estate.
Colorado also lets you deposit your will with the court while you are alive, for a small fee. The court holds it sealed and releases it after your death. Whatever you choose, tell your personal representative where it is, because a will nobody can find does not get administered.
Consider Johnson Law Group for Your Estate Planning Needs
A will is a highly important document when it comes to estate planning. Without a will, Colorado’s statutes decide who inherits, and most estates still pass through probate in Colorado unless they are small enough for the affidavit process or held entirely outside it. Many Colorado estates qualify for informal probate, which is handled administratively rather than in front of a judge.
A will does not avoid probate, but it decides who runs the estate and who receives what. If you want help creating a will in Colorado, call or text Johnson Law Group at 720-868-5868 or request a consultation.
Johnson Law Group works with clients across the state through our Colorado offices, and the attorneys on our team can walk you through each document your estate plan needs.
