Will
A will is a set of instructions to the person who will settle your estate (in Colorado, your “personal representative”). It says who receives your property, who manages the estate until it is distributed, and, if you have minor children, who you want to raise them. A will is the most common estate planning document, and every adult should have one regardless of the size of their estate.
What a Will Does (and Does Not) Control
A will controls the property which is in your name alone at death. It does not control property that passes by its own terms, such as:
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retirement accounts, life insurance and annuities with a named beneficiary;
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bank and brokerage accounts with a payable-on-death or transfer-on-death designation;
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real property held in joint tenancy or subject to a recorded beneficiary deed; and
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property held in a Trust.
A business interest is a further exception, since the company’s operating agreement or bylaws usually govern what happens to an owner’s interest regardless of what the will says. Part of preparing a will is checking that these other designations match the plan. A will that leaves everything equally to three children accomplishes little if the largest account names only one of them as beneficiary.
What Goes Into a Will From Our Office
Every will we prepare names a personal representative and at least one alternate, leaves the residuary estate (i.e., everything not specifically given away) to the people you choose, and provides for what happens if a beneficiary dies before you do. Where it fits your situation, a will can also nominate a guardian for minor children, hold a young beneficiary’s share in a trust until a set age, include a separate written list for personal items, or create a Special Needs Trust for a beneficiary who receives public benefits.
A will must be signed with the formalities that Colorado law requires, and we sign every will in our office with two witnesses and a notary so that it can be admitted to probate without further proof.
Wills and Probate
A will does not avoid probate; it gives the probate court your instructions. For many Colorado residents, that is all they need, since Colorado probate is comparatively streamlined (see Probating a Will). If you own property in more than one state, or would prefer that your estate stay out of court altogether, see Trust and Avoiding Probate.