Why everyone in Colorado should have a will

Those who have yet to create a will should do so as soon as possible to ensure their last wishes are protected.

Many people in Colorado lack one simple estate planning document: a will. Although some put off creating this important legal document because the future seems far off, it is essential that everyone, especially those with significant assets or children, make creating a will a priority.

The importance of having a will

Those who die without a will are subject to having their assets divided according to the law in their state. Although some may assume that their spouse or children will receive the majority of their assets, they may not be divided fairly or even close to their wishes. A will prevents the state from taking over and ensures the wishes of those who pass away are protected. Having a will also prevents the amount of hassle loved ones and family members have to deal with during the probate process.

Tips for writing this legal document

Those who have plans to move forward with estate planning and create a will of their own should keep the following guidelines in mind:

  • Those who are married should avoid creating a joint will. Each spouse should have a separate will to ensure property that is not jointly held goes to the right person or place.
  • While picking a witness to the will, those in the midst of the estate planning process can choose anyone they wish to fill this role. However, it is advised that this person should not be a beneficiary to prevent conflicts of interest.
  • An adult child, spouse or any other trusted friend or relative can act as an executor. Those who have more complicated wills may want to consider naming joint executors to handle their affairs. For instance, they might want to name their spouse and attorney as executors.
  • Those who wish to leave specific items to their heirs should outline their guidelines in their will and also create a letter of instruction to include with this legal document.
  • After creating a will, this document should be kept in a safe, yet accessible space, like a home safe.

Once this legal document is completed and solidified, it should also be updated regularly. It is important to update this document when major life changes, like births and marriages, occur.

Seek the assistance of an attorney

Those who have yet to create a will in Colorado should do so as soon as possible to protect their assets and wishes after their death. To ensure this legal document is sound and accurate, those who want to get started estate planning should seek the guidance and assistance of an attorney.