Drafting a will is a task you should tackle sooner rather than later. While we all hope to live to a ripe old age, the reality is that none of us know what tomorrow will bring. In a split second, your entire life can change or even come to an end. If you do not already have a will in place, it is vital that you take steps as soon as possible to remedy the situation.
If you are considering drafting a will or doing any other estate planning, you probably have some questions. While your estate planning attorney will be a great source of information, there are numerous resources available to point you in the right direction.
Why you need a will
In general, a will is a legal document that names a representative to handle the affairs of your estate in the event of your death. A will can also specify your wishes for how your chosen executor should distribute your assets and handle other matters that involve your estate. In addition, if you have minor children, you can name a guardian in your will to care for them if you pass away.
If you die without a will
If you die without a will in place, then a probate court in your home state of Colorado will decide how to liquidate and distribute your estate. For example, if you own a house in Littleton, the court will decide who in your family has the most right to inherit the property. This means that if you do not have children, your least favorite nephew might end up with your house. By drafting a will, you gain control over what assets pass to your designated beneficiaries and you do not have to worry about your disrespectful and ungrateful nephew getting everything.
Choosing an executor
Part of drafting a will is choosing an executor that handles the liquidation and distribution of the assets to your beneficiaries. In general, you can choose almost whoever you want to fill this role. However, keep in mind that the person you select should be trustworthy, dependable and have the time available to see to your affairs.
If you have not already started the estate planning process, it is time to do so. Take the time to ensure that your will clearly states your wishes so that you feel confident about what happens to your estate in the event of your death.