What Are the Different Types of Wills Available in Denver?
Our team is here to help you explore the many different options available when it comes to wills. Speaking with an estate planning attorney can help you decide what type of will best fits your needs and aligns with your long-term goals. We want to help create a will that works for you and your family and can offer our assistance with any type of will, including:
- Simple Wills: A simple will is very straightforward. The purpose of this will is to clearly state basic instructions for how you would like your assets to be distributed after death. A simple will is ideal for someone with an uncomplicated estate who wants to name their beneficiaries or appoint a legal guardian for their children. They are often fairly easy to create and can be modified if needed. A simple will is a popular option for those without complicated financial portfolios who simply want to formalize their estate wishes.
- Contingent Trust Wills: These wills are designed to allow parents to choose how and when their children receive their inheritance. In a contingent trust will, assets are managed by a trustee and are distributed to the minor beneficiaries once they reach a certain age. These trusts allow parents to protect their children from misusing the funds and distribute the inheritance to their children upon achieving specific milestones, like graduating college or getting married. A contingent trust will allows you to decide how the inheritance should be used for the children’s education and health.
- Pour-over Wills: A pour-over will works in tangent with a living trust. It directs any assets that are not already in the living trust to be transferred into it upon your passing. A pourover will is meant to act as a safety net. Any assets that were either overlooked or newly acquired will be placed into the trust, thus “pouring over” and foregoing the need for any legal action. With a pour-over trust, even your assets that were acquired after the trust was created will be managed according to the terms of the trust.
- Medical Declarations: A medical declaration is not a traditional will, though it is a legal document that outlines your preferences for medical treatment if you become incapacitated and unable to make your own decisions. If you are unable to communicate your own preferences, a medical declaration will include your living will, which will specify whether you would like to receive life-sustaining treatment. A medical declaration also includes medical powers of attorney, which allow another individual to make healthcare decisions on your behalf. A medical declaration allows you to state your medical preferences and designate family members or loved ones to make important decisions in critical moments.
There are a number of different wills available to Denver residents, each serving their own unique purpose. Consulting with one of our estate planning attorneys can help you create a will that best fits your needs and meets your long-term goals. Our team will help you consider each available option and decide what works best for you and your family. For more information about how Evans Case can help you meet your estate planning needs, contact us today.
Can a Will Be Modified or Revoked in Denver?
Denver residents do have the option to modify or revoke their wills. As long as the testator is competent and has the mental capacity to do so, Colorado law offers options for making changes and even completely revoking a will.
You may want to modify an existing will after a big event in your life, such as a marriage or a divorce. You may also want to update your will after the birth or introduction of a new child into your family. It’s also possible that you want to update the terms of your will after a loved one passes away to better address your current family dynamic. You may choose to update your will after acquiring new assets, like new property.
Regardless of the reason, Denver residents do have the option to modify their wills. In order to modify an existing will, the testator must create an amendment known as a codicil. This is a separate document that outlines the changes that you want to make to your current will. Similar to the original will, the codicil must be signed by the testator and witnessed by two individuals who do not benefit from the will.
The same rules apply for those wishing to revoke their wills as for those who are establishing them. The testator must possess the mental capacity when making changes or revoking their will. If an individual is not of sound mind when revoking the will, it may cause disputes among beneficiaries.
It is best to consult with an attorney before modifying or revoking your will. Working with an experienced estate planning attorney will ensure that all changes are legally compliant. It is also recommended that you inform any individuals involved with your will of any major changes, including the executor and beneficiaries.
Regularly reviewing your will can help you stay current with any changes to your family dynamic or personal circumstances. Consulting with an attorney will guarantee that any changes made to your will are valid and truly reflect your intentions. Our team will be able to guide you through the process and ensure that you have all the proper documentation. For more information about how our attorney can help you modify or revoke your existing will, contact us today and schedule a consultation to discuss your needs.
Will Contests
It is not uncommon for a beneficiary or family member to want to contest a will after the death of a loved one. Someone may want to contest the validity of the will or say that it does not reflect the true intentions of the deceased. There are a number of reasons why a Denver resident may want to contest a will.
The process of contesting a will involves filing a petition, providing evidence, and attending court hearings. It is the responsibility of the one contesting the will to provide the necessary evidence. Our team can help review legal documents and gather evidence that supports your claim.
Our firm is also available to provide legal assistance to those defending a will. For more information about how Evans Case can make a difference in your Denver will contest, contact us today and schedule a consultation to discuss your case.
Probate and Wills in Denver
Probate is the process of validating an individual’s will once they pass away and ensuring that their assets are appropriately distributed. It is often a stressful and time-consuming yet essential part of the estate administration process. A probate attorney can help guide you through the legal proceedings, file the necessary paperwork, and resolve any disputes that may arise among the beneficiaries.
Once an individual passes away, the executor named in the will files the document with the Denver Probate Court. Once the authenticity of the will has been verified, the executor may begin managing the estate and overseeing the distribution of assets. Some of the key roles that the executor must handle during probate include:
- Inventorying and Valuing Assets: The executor is responsible for creating a list of all of the estate’s assets. This includes real estate, investments, bank accounts, personal items, and more. All assets need to be accurately valued in order to ensure the fair and proper distribution of the assets.
- Paying Debts and Taxes: The executor will settle the deceased’s outstanding debts and taxes. They may need to sell certain assets in order to fulfill their financial obligations. The executor will also file the deceased’s final income tax return.
- Distributing Assets: Once all of the debts and taxes have been settled, the executor is then able to begin distributing the remaining assets to the beneficiaries according to the terms in the will.
Having a valid will helps the probate process go by much more efficiently. When you clearly state how you would like your assets to be distributed by appointing a reliable executor, it can often help reduce conflicts and delays. Without a valid will, the estate will abide by Colorado’s intestate laws, which often don’t align with the deceased’s wishes.
How do Colorado’s Intestate Laws Work for Wills?
Without a valid will, Colorado’s intestate succession laws will determine how an individual’s assets will be distributed after their passing. The state prioritizes closest family members first, moving out to more distant relatives if necessary.
If a Denver resident passes away and no other relatives are able to be identified, the estate will escheat, or revert back to the state of Colorado. While intestate laws provide a fair structure for distributing assets in the absence of a will, they may not entirely reflect the wishes of the deceased. Having a clearly defined will allows Denver residents to have control over how their assets are passed on. Intestate succession may also lead to conflicts. Beneficiaires may dispute the rightful heirs of certain assets, especially in larger and more blended families.
Probate can also become complicated when it involves out-of-state properties. When
Our team can help you craft a well-tailored estate plan that helps avoid these conflicts and aligns with your interests. If you would like to avoid intestate succession laws and ensure that your assets are passed on to the rightful recipients, an estate planning attorney at Evans Case will be able to help you establish a legally binding will that states your wishes. A clearly defined will sets expectations about how you want your estate to be managed and the roles that different individuals and family members will play in managing your assets after death.
What’s the Difference Between a Will and a Trust?
Many people tend to think of wills and trusts as one in the same. In reality, they are very different legal tools that each offer their own set of unique advantages. It’s important for individuals in Denver to familiarize themselves with the benefits and purposes of both a will and a trust. They operate very differently, and one may suit your needs better than the other.
Consulting with an estate planning attorney at Evans Case will allow you to consider your options and explore all of the possibilities that wills and trusts have to offer.
A will specifies how you would like your property and assets to be distributed after death. It allows you to name an executor to manage your estate and also allows you to appoint a legal guardian for any minor children that you may leave behind. Some of the primary features of a will are:
- Probate Requirement: Wills are required to go through probate. The court must validate the will and oversee the distribution of assets. Probate is a time-consuming and often costly process that may not be ideal for all families.
- Guardianship Appointments: A will allows you to appoint a guardian for your minor children. This allows you to choose a trusted individual to look over your children, rather than the court appointing somebody. This is one of the more important features of a will that a trust does not offer.
- Accessibility: Wills are generally fairly simple to create. They also offer great flexibility and are able to be modified. They are a great option for those who want a simple, straightforward plan for their estate.
Trusts, on the other hand, are legal arrangements that allow you to transfer your assets to a trustee to manage and hold for future generations. Trusts allow beneficiaries to avoid the probate process and receive their assets much quicker without the need for court intervention. They also offer a greater deal of privacy than a will does. Unlike a will, the details of the trust, its assets, and its beneficiaries remain private.
Call Evans Case for Your Wills and All Other Estate Planning Needs
Whether you are dealing with a simple estate or managing complex financial accounts, our team of estate planning attorneys can help you protect your assets and plan for the future with confidence. From wills to trust administration to probate litigation and more, our team has been trusted to provide Denver residents with outstanding legal support for decades. We understand the importance of estate planning, and we are here to walk you through every step of the process. Don’t wait. Call us today to schedule a consultation and see how we can help make a difference.
