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Do I need a Will?

Everyone age 18 or over who owns property or has minor children.

A Will . . .

• determines who gets your property in event of your death.
• nominates a person to administer your estate.
• nominates a guardian for your minor children.
• can save legal fees and other costs in the administration of your estate.

Under revisions to Colorado law which took effect on July 1, 1995, what the spouse receives varies greatly depending upon who the other survivors are. It is, therefore, more important than ever for you to have a Will to carry out your individual wishes.

If you have a Will your property goes where you want it to go, subject to the right of your surviving spouse to receive at least one-half of your estate. (In Colorado, the rights of surviving spouses is a subject that is too complex to attempt to summarize here.)

Joint tenancy ownership will determine ownership after the death of one of the owners. But it does not take the place of a Will for the surviving owner. A Will is necessary to determine who gets the property when the surviving owner passes away.

In a word - No.

"Probate avoidance" is one of the most often misunderstood concepts and is often counter-productive. Avoiding probate has nothing to do with whether or not you have a Will. However, steps can, and sometimes should, be taken to avoid probate. However, these should not be undertaken without the advice of a lawyer competent in elder law and estate planning.

An "Asset Management Durable Power of Attorney" is a document that appoints someone to handle your financial affairs if you become physically or mentally disabled. A "Health Care and Medical Directions Durable Power of Attorney" expresses your personal desires regarding health care and appoints someone to make decisions regarding your health care if you become disabled.

The advantage of these documents is that you and your family may avoid the expense and inconvenience of having a guardian or conservator appointed by the Court if you later become disabled. Married couples, and especially elderly couples, should seriously consider executing durable powers of attorney.

Colorado law provides for a "Declaration as to Medical or Surgical Treatment." This declaration, which is prepared and signed with formalities similar to your Will, allows you to direct that your life shall not be artificially prolonged under some circumstances. In addition to signing such a declaration, everyone should consider the advisability of having a health care and medical directions power of attorney, because the Colorado "living will" statute does not cover most situations that may arise.

The cost of a Will is among the least expensive services performed by an attorney and yet it can be among the most important from the point of view of providing for the welfare and support of your family. And it will most likely save money later.

Our firm currently charges a nominal fee to draft basic reciprocal Wills for a husband and wife, and there is a pre-determined fixed charge for other basic documents we prepare. However, there is no charge for completing the Colorado statutory form "living will" declaration.

Estate planning is performed on an hourly fee basis.

Colorado Personal Injury Lawyer Disclaimer: The Colorado personal injury, wrongful death, automobile accident, or other accident information presented at this site should not be construed to be formal legal advice, nor the formation of a lawyer or attorney client relationship. Any results set forth herein are based upon the facts of that particular case and do not represent a promise or guarantee. Please contact a Colorado Accident Attorney or Personal Injury Lawyer for a consultation on your particular personal injury matter.

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