Last Will And Testament
The most familiar aspect of Estate Planning to most people is the preparation of one’s Last Will and Testament. This tends to be the bare minimum. Strictly speaking, this is a legal document in which you (the testator) state how and to whom you want your Estate to be distributed upon your death. Among other things, a Will is beneficial for delegating property to organizations or people, naming a legal guardian for the care of underage children as well as the distribution of property to underage children at an appropriate time, and naming a personal representative who will ensure the Will is followed to the testator’s accord. If a personal representative is not named in the Will, the probate court will assign someone to see to your Will.
A Last Will and Testament allows the testator to specify demands that may go against how survivors see fit. The benefit is that the law requires the survivors to follow the Last Will and Testament. While it is not legally required for a lawyer to be present when writing a Will, it is often advised, especially in atypical situations (ex. disinheriting a spouse or family member from the will). A Will is an opportunity for the testator to have the last say in his or her matters.
If someone dies without a Will, their estate is subject to distribution according to the laws of the Probate code in their state of residence; heirs often have substantially limited choices with regard to how the Estate is distributed. Please click here to read more about Colorado’s Probate process.
Though there’s more to Estate Planning than your Will, Ores Law will help you look at your assets and determine if a Will is the best choice for you. It’s never too early or too late to speak about what happens after your death. Contact a professional lawyer in Loveland at Ores Law for a free consultation regarding the Last Will and Testament.