Question 1: What if I have a child after I make my will?
In most situations when people make a last will and testament in Colorado, they leave inheritances for their children.
While you can do this in a number of ways, people typically leave a share of their estate to each child. Alternately, they might leave specific inheritances, such as a specific sum of money.
When it comes to children born after you make your will, these children are typically covered if your will includes the proper language. For example, your will might state that you leave an equal portion of your property to each of your children. In this situation, all of your children, whether alive at the time you make your will or not, are covered.
Question 2. What if my will doesn’t cover after born child?
This situation is a little more complicated, but the child will still receive an inheritance. Under Colorado law, any after born child not mentioned in a will drafted prior to the child’s birth will receive an inheritance as if you died without a will. Colorado law automatically gives inheritances to children in the event you die without making a will.
Question 3. Can I revise my will after I have a child?
Of course you can. It’s very common for people who have already created a will and subsequently have a child to go back and update their will to reflect their new circumstances. In fact, you should probably update your will anytime you experience a significant life event.
If you’d like to learn more about wills, trusts, and other estate planning tools, you can attend one of our upcoming free seminars. Our next Wills and Living Trusts seminar will be on October 19th at the Comfort Suites in Highlands Ranch.