March 14, 2010 - William L. Henry IV
If you die without a Colorado will, you die "intestate," which means state law directs what happens to your property when you die. Generally, under state law this means that your property will be distributed to your spouse and children, or possibly to other relatives depending on who is living when you die. If no relatives can be found, then your property goes to the state's treasury.
Also, if you die without a will, a court will decided who will care of your young children when you die if the other parent unavailable, unfit, or predeceased you. A will takes care of this problem because it allows you to appoint a guardian over your minor children. Further, a Castle Rock attorney can help draft a trust to hold any property that your children might receive.
Many people attempt to draft their own Colorado will, only to end up with problems after they die that cost more than having the will drafted professionally. Here are some points of consideration if you are thinking of drafting your own will:
- Do you know how to make the will legal under Colorado law?
- Do you know the difference between probate and nonprobate transfers?
- Do you have a taxable estate for gift and estate tax purposes?
- Do you think that anyone might challenge your will?
- Do you hold property out of state?
- Do you own a business?
- Do you have a blended family?
- Do you want to make arrangements for the long term care of a disabled person or minor children?
Robinson & Henry has offices in Denver, Colorado Springs, and Castle Rock. Contact one of our will lawyers or estate planning attorneys at (303) 688-0944 for a free consultation regarding your will, trust, or other estate planning matter. You may also schedule your appointment online by clicking here.