Denver Will Attorneys

What Is a Will?

What Makes a Will Valid in Denver? 

• Legal Age and Mental Capacity: The testator must be at least 18 years old. The person creating the will must also possess the mental capacity required to understand the implications of their actions. It is important that the individual creating the will understands the value of their assets, their relationships with the beneficiaries, and how distributing their assets may affect them. If it is found that the testator did not have the capacity to understand their actions, the will can be invalidated. 
• Intent: A will must be created voluntarily by the testator. Family members and beneficiaries are able to contest a will, and if it is found that it was created with undue influence or coercion, it can be ruled invalid in court. The testator should not be pressured or manipulated into creating or updating their will. 
• Written Document: In the state of Colorado, a will must be in writing. It can be either typed or handwritten, but it cannot be an oral will. It’s important for the document to be legible and free of any errors or possible misinterpretations. 
• Signature and Witnesses: The document must be signed by the testator and the two witnesses. The witnesses should not be beneficiaries of the will and should be present when the testator of the will signs the document. This is done in order to prevent fraud and prove the will’s authenticity. 

What’s Included in a Will?

• Designated Beneficiaries: Your will should specify how you would like certain assets, like your property, investment accounts, bank accounts, and other personal items, to be divided among your beneficiaries. Beneficiaries are most commonly family members, close relatives, and loved ones, though they can also be organizations or charitable institutions. Naming beneficiaries is an important part of creating your will to help avoid any confusion or conflict in the future and ensure that your assets go to the intended heirs. 
• Appointed Executors: Your will should appoint an executor who will be responsible for administering your estate after your passing. The executor is responsible for paying existing debts, filing your taxes, and overseeing the distribution of your assets. More often than not, the executor is a family member or a loved one you can trust to handle important legal matters and fulfill your wishes. 
• Guardianship Provisions: For parents with children under the age of 18, a will allows you to name a guardian for your children in the event of your passing. This is a key component of a will for many parents who wish to leave their children under the supervision of a trusted family member, friend, or loved one, rather than leaving the decision up to the court. 
• Debt and Tax Provisions: You may choose to leave provisions for handling your outstanding debts or taxes in your will. Leaving directions for how you would like your finances to be handled will allow your executor to manage your financial obligations appropriately. 
• Funeral and Burial Instructions: A will can also include your preferences regarding funeral arrangements and burial services. With a will, you are able to ensure that your wishes are honored after death while also taking some of the stress off of your family, who are left having to plan your funeral. 

What Are the Different Types of Wills Available in Denver?

• 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. 

Can a Will Be Modified or Revoked in Denver?

1. Create a New Will: The best way to revoke a previous will is to draft a new one. The new will should clearly state that all other wills are being revoked to ensure that this is the most current will and holds precedence over the others. 
2. Physically Destroying the Will: The testator of a will can choose to physically destroy the document as a means of revoking it. The testator can either burn, shred, or tear the document, rendering it invalid.
3. Written Revocation: The testator also has the choice to write a declaration of revocation. This written declaration must also be signed and witnessed by two other individuals. 

Will Contests

• Undue Influence: Undue influence is when somebody pressures the testator to create or alter the will in their favor.
• Lack of Mental Capacity: If the testator is not of sound mind when creating or modifying their will, beneficiaries and family members may claim a lack of testamentary capacity. The testator must understand the nature of their actions regarding their assets and property when creating or altering their will. 
• Fraud or Forgery: If there is reason to believe that the will was created or modified under false pretenses, the will may be contested. Families and beneficiaries may also choose to contest the will if they believe a signature was forged. If the testator was misled into signing the document, it may be declared invalid. 
• Improper Execution: Improper execution involves failing to meet specific legal requirements, like signing the document or having witnesses present. If these requirements are not met, the will could be deemed invalid. 

Probate and Wills in Denver

• 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. 

• Informal Probate: Informal probate is generally a simple process. When the will is clearly defined and uncontested, there is usually minimal court intervention. A simplified probate process often saves time and money for the beneficiaries. 
• Formal Probate: When there are disputes among the beneficiaries or concerns with the validity of the will, formal probate may be required. It requires greater court intervention and may even involve court hearings to address any existing conflicts. 
• Small Estate Procedure: For estates that fall under a certain value, heirs can claim assets directly with an affidavit that allows them to bypass the traditional probate process. As of 2024, the estate's total value, excluding liens and encumbrances, must not exceed $82,000 in the state of Colorado. 

How do Colorado’s Intestate Laws Work for Wills?

1. Surviving Spouse: Typically, the surviving spouse will inherit the estate when someone passes away in Denver. Even in situations where the deceased has children, the estate will go to the surviving spouse. However, if the deceased had children from a previous marriage or another relationship, the estate will be split between the surviving spouse and the children. The spouse will get half, and the other half will be split between all children. If a Denver resident passes away without children, the entire estate will go to their surviving spouse. 
2. Children: When someone dies in Denver without a surviving spouse, the estate will be passed equally onto the children. This applies to both biological children and adopted children, but does not include stepchildren. 
3. Parents and Siblings: In the event that somebody dies without a spouse or children, their estate will be inherited by any surviving parents. If both of their parents are still alive, they will share the estate equally. If only one parent survives, they will receive the entire estate. If the deceased does not have any surviving parents, their estate will pass on to any surviving siblings and be divided equally among them. 
4. Distant Relatives: If the deceased leaves behind no immediate family members, then more distant relatives like grandparents, aunts, uncles, or cousins may be able to inherit the estate. The estate will be divided equally among family members within the same level of relation. For example, all surviving cousins would get an equal share. 

What’s the Difference Between a Will and a Trust?

• 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. 

• Revocable Living Trusts: A revocable living trust allows you to maintain control over your assets and decide how those assets will be managed and distributed after death. As the name suggests, the trust may be revoked or terminated at any time, so long as you possess the mental capacity to make that decision. A revocable living trust allows beneficiaries to bypass the probate process, and it offers a faster and more private distribution of assets. 
• Irrevocable Trusts: An irrevocable trust cannot be revoked or modified once the assets have been transferred without consent from the beneficiaries. While more restrictive than a revocable trust, an irrevocable trust offers great benefits. It offers greater asset protection and even potential tax savings. Assets in an irrevocable trust are protected from creditors and are not considered a part of your taxable estate. Placing assets in an irrevocable trust often helps protect wealth and reduce estate taxes.
• Testamentary Trusts: A testamentary trust takes effect after your death. These trusts are particularly useful for setting conditions for beneficiaries to receive their share of the estate. For example, beneficiaries may only receive part of their inheritance once they graduate from school or get married. These trusts are especially valuable when leaving assets with minors who may need financial supervision. 
• Special Needs Trusts: A Special Needs Trust, or an SNT, allows you to make provisions to care for your loved ones with special needs or disabilities. The main benefit of an SNT is that it allows the beneficiary to receive their inheritance while maintaining their eligibility for government benefits like Medicaid and SSI. An SNT allows individuals to leave funds for their loved ones with disabilities and ensure that they still receive the required support. 
• Charitable Remainder Trusts: A charitable remainder trust (CRT) allows individuals to leave a lasting impact through charitable giving. This trust allows you to donate your assets to a charitable organization while still receiving income from those assets during your lifetime. The remaining assets will eventually pass on to the charity. A CRT often provides substantial tax benefits, reduced estate taxes and even potential income tax deductions.

• Probate: We can help ensure that the deceased’s assets are appropriately distributed and provide assistance with all legal proceedings, paperwork and disputes that arise during the course of the probate process. 
• Trust Administration: Our team is available to guide trustees through the trust administration process and help fulfill your fiduciary responsibilities. We can help clients understand the terms of the trust, manage the distribution of assets, and handle any challenges that may come up along the way. 
• Prenuptial Agreements: Our attorneys can help draft prenuptial agreements that are fair and reasonable for all parties involved. We can help negotiate terms of the prenup and address issues like assets, debts, and financial agreements in the event of a divorce. 
• Will Contests: A qualified estate planning attorney can help address the validity of a will and help clients support or challenge the terms. It’s our goal to help clients and beneficiaries resolve disputes and handle complicated legal procedures while honoring the wishes of the deceased. 
• Elder Abuse: Our team is dedicated to protecting victims of elder abuse against physical abuse, financial exploitation, and neglect. We are proud to help Denver families and elders seek compensation for the abuse they have suffered. 
• Special Needs Planning: We are here to help Denver families create a plan to care for their loved ones with disabilities. Our team can help create trusts that offer care for your loved ones while maintaining their eligibility for government programs like Medicaid and SSI. We can help craft a Special Needs Trust (SNT) that protects your loved one with a disability or special needs. 
• Guardianships and Conservatorships: We will help you establish guardianships or conservatorships focused on providing proper care for your loved ones, specifically minors or incapacitated adults. We can help you file petitions and even represent you in court if necessary. 

Call Evans Case for Your Wills and All Other Estate Planning Needs