What can a will do for me? People often ask. The answer is: Quite a lot. First of all, one of the main function of a will is to appoint the individual that you want to be in charge of your estate after your death. If you don’t have a will then the Colorado statutes have default appointees that they think, meaning the Colorado Legislature, should be in charge of your estate and it may be someone you don’t want.
In addition of course the will allows you to leave your property to whom you want, when you want and under the circumstances you want. Timing is often a critical element there because you may have young children. You may want to leave it in trust for their benefit to be administered by someone you trust. If you don’t have a will and you have minor children and you die, again the Colorado statutes have a plan for you and it’s called a conservatorship for minors. That involves significant expense, annual reporting to the court, preparing accountings, etc.
Whereas if you are able to leave your assets in trust by way of a will to your children, you avoid all that. A will can serve to accomplish your objectives at minimal cost in terms of administration and accomplish your objectives overall. We at Miller Steiert are happy to give you some assistance in that area if you would like further information or even to have one prepared for you.
