Over half of Americans don’t have a will. Whether they just don’t have the time or think that estate planning is only for the rich, in reality, it’s not a gamble you can afford to take.
Dying without a will (intestacy) leaves your most important decisions in the hands of the probate court. You’re surrendering control over who manages your assets, cares for your children, and how your legacy is handled.
Consider the consequences: your family disputing over inheritance, a probate process that drags on for months, your children placed in the wrong person’s care, and your estate slowly drained of assets.
But it doesn’t have to be this way.
A will is the foundation of a robust estate plan, but it’s just the beginning. While a will won’t keep your assets out of grips of probate court, with help from our Colorado Springs will lawyer, you can create an estate plan that minimizes its impact.
Don’t wait until it’s too late. Start planning for your future now.
What is a Will, and How Does it Work?
A will is a legal document that provides instructions on how you want your assets to be distributed after death.
It’s the who, what, when, and where of your estate plan and, luckily, one of the most basic estate planning documents you can have.
With one, you can:
- Designate guardians for minor children
- Control how your assets are split up
- Select an executor of your estate
- Provide for step-children, friends, extended family, or other individuals who may not otherwise benefit from your estate
- Express wishes for funeral and burial arrangements
A will is a great starting point for any estate plan, and without one, you risk having the state decide. And we know the last thing you want is the court telling you what’s best for your family.
What Happens if I Die Without a Will in Colorado?
Dying without a will in Colorado is called dying “intestate.”
If you die intestate, the probate courts have all the say-so in what happens to your assets. In general, if you had a spouse and children at the time of your death, your assets will be split between them.
But depending on your familial status, your assets may be split between your parents, siblings, extended family, and so on and so forth.
In essence, it may or may not be a split that you or your family agree with, leading to disputes and prolonging the settling of your estate.
Additionally, if both you and your spouse have passed away with minor children, the courts will need to decide who should care for them in your absence. By creating a will, you can ensure that your children will be in good hands should the unthinkable happen.
Don’t leave your estate up to chance—contact our estate planning lawyer at Hammond Law Group today.
Why a Will Isn’t Enough
A will is only one of many estate planning tools. While it can be a good foundation, a will isn’t enough for most estates. A comprehensive estate plan should address what happens if you become incapacitated or disabled, who should handle your medical and financial decisions when you can’t, and how you can save money on taxes and legal fees.
Estate planning is more than just divvying up your estate. It’s also about planning for the unexpected and ensuring that everything you worked for doesn’t go down the drain when you’re no longer around.
Other estate planning documents that you should consider include:
- Trusts
- Advance health care directive
- Durable power of attorney
- Health care power of attorney
- Pour-over-will
Whether your goals are to build generational wealth, avoid probate, or save a couple of bucks, our estate planning attorney can help you achieve them, starting with an initial consultation.
Contact Our Will Lawyers at Hammond Law Group
Don’t leave your loved ones in uncertainty. Take control of your estate planning today by reaching out to our experienced will lawyers at Hammond Law Group. Our dedicated team understands the importance of safeguarding your assets and ensuring your wishes are upheld.
Whether you need assistance drafting a will, establishing trusts, or updating your existing estate plan, our attorneys are here to guide you through the process.
Contact us now to schedule a consultation.
