Wills in Denver
When most people think of estate planning, they think of wills. A will allows you to direct:
- who will receive your assets, such as family, friends or charities (your beneficiaries)
- how your beneficiaries will receive your assets (such as outright or in trust)
- who will handle your affairs after you pass away (your executor or in Colorado a personal representative)
If You Do Not Have a Will
If you die without a will, your estate will be known as intestate. Colorado intestate laws provide how your probate assets will pass upon your death. Colorado intestate laws assume that if you are married and have children, you want your probate assets to pass to your surviving spouse and children. If you have a blended family, Colorado intestate laws contain specific terms to provide amounts to your surviving spouse or your children from a current or prior relationship. If you do not have children or a surviving spouse, generally your probate assets would pass to your parents, if living, and if not, then your siblings and/or other relatives. The people who will receive your assets under Colorado intestate laws are called your heirs.
In most cases, Colorado intestate laws direct that your assets will pass to your heirs outright unless your heirs are minor children or disabled. If your heirs are minors or disabled, it may be necessary to establish a court-created conservatorship to hold their inheritance.
Colorado intestate laws also provide a set of rules regarding who will handle your affairs (your executor or personal representative).
If you want to control who will receive your assets, how they will receive your assets and who will handle your affairs after you pass away, rather than letting the Colorado intestate laws control, you should prepare a will that specifies your wishes. If you need assistance with creating a will in Colorado, contact our expert team at Brown Law Firm to start the conversation.