In Colorado, if you die without a will, it’s called dying “intestate.” Without a will, the state determines how your assets are distributed among your family members.
To make a will, the testator must be of sound mind. Colorado does not require witnesses, but does allow for holographic wills (where the entire instrument is handwritten by the testator). It also recognizes remote online notarization.
What is a will?
A will is a legal document that stipulates your last wishes for the distribution of your assets and property, along with guardianship for any minor children. It can also include specific instructions for funeral and end-of-life care arrangements.
It also allows you to name an executor, waive the bond requirement (which is a type of insurance that protects the estate’s assets), and designate beneficiaries for each of your possessions. You can leave behind any heirlooms or sentimental items you wish to pass on, and you can even give a special gift to someone who may have been excluded from your life due to circumstance.
A will must be in writing and signed by the Testator (person making the will) and witnessed by at least two people. If the will meets these requirements, it is valid in Colorado. However, the will is not valid if it is the product of undue influence or coercion. In this case, the deceased person’s estate will be distributed under state law.
How to make a will in Colorado
The requirements for making a will in Colorado vary from state to state. Some states allow electronic wills, while others require that a will be signed and witnessed in person. Colorado allows any competent adult to witness a will, but it is generally best that the witnesses are not beneficiaries of the will (to avoid possible conflicts of interest).
Colorado law also states that a handwritten will is valid, so long as it contains all material provisions in the testator’s own handwriting. A testator may also revoke a will by performing a revocatory act, such as burning, tearing, canceling, or obliterating it.
A will can help your estate avoid expensive court proceedings by providing clear instructions for how to distribute your property. For example, your will can ensure that your best friend gets your historic car and your niece inherits your heirloom ring. It can also help your family members understand your wishes and avoid legal disputes.
What is a living trust?
A living trust is a legal document that you establish during your lifetime. It transfers ownership of property that you own individually to the trust and name a trustee. When you die, the trustee manages and distributes your assets in accordance with your instructions (as long as they are “probatable”).
Probate is a lengthy and expensive legal process that determines how your estate will be distributed. Without a will, your estate goes through intestacy which is determined by state law and takes into account no family relationships or specific wishes.
The laws of Colorado allow anyone eighteen years of age or older to make a will, listing their intentions for property distribution upon death. A will must be written and signed by the testator in order to be valid. The signature can be typed or holographic, but it must be in the testator’s normal handwriting. The signature must also be witnessed. It is recommended that a notary public witness the signing of the will.
Who should make a will?
A will can help ensure that your family members, friends, and other loved ones are cared for after your death. You can make a will on your own or use an estate planning attorney for professional guidance and advice. It’s also a good idea to consider other documents like trusts, powers of attorney, and healthcare proxies.
You must be 18 years of age or older and have testamentary capacity to make a will in Colorado. You must also have the ability to understand the terms of your will and the impact it will have upon your death.
Having a will can help you avoid the expensive and lengthy probate process. However, the probate process may still be required if your estate is complex or contested. Having a will can also help you save on estate taxes. If you die without a will, the state will determine how to distribute your property under its laws of intestacy.
