Estate Planning – Wills & Trusts
In Colorado, if a person dies without a will, Colorado law determines how the person’s assets are distributed. Generally speaking, the current spouse and immediate family who are still living are likely to inherit based upon priority. If you want your heirs to inherit your property in a different manner than state law mandates, you should consider having a will.
A will specifies how the assets will be distributed upon the person’s death, after the debts of the person’s estate have been paid. In Colorado, a person’s estate may be subject to probate laws. The size of the person’s estate determines which probate procedure must be used. Only the assets that are owned by the person on the date of death go through probate; assets in which a beneficiary had been named generally pass outside of the estate and should not be included when determining the size of the estate.
What If I Haven’t Decided Yet How to Distribute My Assets?
We understand that you may not have decided yet how to distribute your assets – this is common. Many times clients are unsure how to distribute their assets, particularly when the financial or other circumstances of their beneficiaries (usually their children) change over time. However, things changing in the future should not become a barrier to having a plan in place today. It’s easy to modify your estate plan as change occurs and far more difficult to untangle the estate, if you haven’t made a plan.
Find Out How We Can Help With Your Estate Planning Needs
Our role is not to tell you how your assets should be distributed, but rather to talk to you and ask you questions so that you can make the decisions that are right for you. We then draft your will and/or trust, and any other documents that may be necessary.
If you have not already provided for the distribution of your assets upon death, please call us.