WHAT IS A WILL?
A will (or testament) is a document that governs the disposition of your probate estate and appoints the person of your choice to carry out your plan. There are many different approaches wills can take to address different goals, needs, and circumstances.
FREQUENTLY ASKED QUESTIONS
Do I have to have a will? What does a will do? What happens if I don’t make a will?
A will is not a prerequisite to death—everyone dies, whether they make a will or not. A will is a tool which gives you the opportunity to choose how you want your assets to be distributed and who should be involved in the process. If you choose not to make a will, the law dictates how your assets will be distributed. Even if you choose to leave your estate to the same people as the intestate succession laws would dictate, a will simplifies the administration of your estate. Finally, by creating a will, your loved ones know that you have chosen them for the gifts—and that they were not just lucky the intestate succession laws favored them.
Can I change my will if I change my mind?
Yes. A will is a personal and private document. It does not come into effect until after your death and can be changed, in whole or in part, at any time (as long as you are competent and are not forced to change the will.) If you choose to change your will, remember that you must comply with certain formalities in order for the changes to be effective. You should never attempt to make changes on the original will itself. If you write on or cross-out portions of your will, you may invalidate part or all of your will.
All my property is held jointly with my spouse. Do I still need a will?
Even when significantly all of your assets are held in joint tenancy with your spouse, it is important for both spouses to have a will. If both spouses die at the same time without a will or your spouse dies and then you die before making a will, the property will be governed by the intestate succession laws. A will allows you to choose who should receive the jointly held property in these situations.
Why should I hire an attorney draft my will? (Why can’t I just download one, buy one from the store, or write it myself?)
The estate planning process and drafting of a will involves many complex factors. An attorney can explain the process, raise issues you may not have thought of, discuss with you how to address matters outside of the scope of a will that should nevertheless be discussed, and help you clearly explain your wishes. Standardized forms purchased on the internet or off the shelf may not clearly explain your wishes, or may be lacking in legal requirements. You may also choose to write your own will since generally, Colorado recognizes wills that are handwritten and signed by the testator (holographic wills). However, an ambiguous and/or defective will may end up causing the administration of the will to be delayed, and trigger litigation and additional expenses. You may save a dollar writing your will, but your loved ones may spend thousands—and still not know what you wanted.