Colorado Wills, Trust, and Probate

Contemplating your death or incapacity can be daunting. But, it is important to formulate a coherent and well written estate plan, generally comprised of several documents. Some of these documents are a trust, will, healthcare surrogate designation, durable power of attorney and/or advanced care directive.

Regardless of the size of your estate or the shape of your family, you should keep your will up to date, and revise it when you experience significant changes in your life (such as a birth, death, marriage, or divorce). It is prudent to contact a Colorado estate lawyer who specializes in drafting wills and trusts when you create your estate plan and when you change your plan.

Colorado Will

Drafting your will erroneously may lead to a court rejecting your will for probate, and the undesirable distribution of your money and belongings. In Colorado, for a valid will, you must have:

1. Witnesses: Two witnesses are required to observe the testator sign the will, and are themselves required to sign. Unlike in some states, witnesses to the will may be named as beneficiaries in the will.
2. Notarization: For your will to be legal in Colorado, you do not have to have it notarized. If you want your will to be self-proving, your witnesses should sign an affidavit in front of a notary.

The original witnesses to a testator's will must attest in court that they signed the will and that the testator signed the will, if the testator's will is not self-proving. If a number of years have passed, it may be challenging to find the original witnesses to the will who may have moved or died in the interim.

Find a Colorado will attorney who specializes in wills, trusts, and estates to help you craft your will and meet Colorado will requirements.

Changing a Will in Colorado

In Colorado, you may change your will by amending the will, or, in other words, by adding a codicil to the will. The codicil contains your additions or modifications to your will. Alternatively, you can revoke (cancel) your will by physically destroying the will (by burning, tearing, or obliterating), and by writing a new will. Your codicil or new will must meet all the legal formalities required for will construction in Colorado. Discuss any modifications to your will with a Colorado will lawyer.

Colorado Trust

If you seek an alternative method of disposing of your assets after death, consider creating a trust. Trusts allow you to avoid probate, pay fewer taxes, and offer a flexible, private method of property allocation. Trusts also come in several forms: life insurance, charitable, special needs educational, and inter vivos. A Colorado estate attorney who focuses on estate planning can help you to create a trust.

Colorado Probate

When a citizen of Colorado dies, his or her property may pass either through probate or intestate succession. Money and property will pass through probate if the deceased leaves his assets to a particolar individual in his will. If a deceased does not leave a will, or if not all of his assets are accounted for in the will, his property and money will not pass through probate, but will instead be distributed by intestate succession. Property distributed by intestate succession is allocated according to Colorado law based on a person's blood relationship to the deceased.

If a will is ambiguous about who should receive property or how much property, or if property passes by intestate succession and who should inherit or in what amount is in question, any interested party may petition the court to answer these questions.

Colorado does have Summary Administration procedures, and does permit the filing of a Small Estate Affidavit for estates worth $50,000 or less.

Individuals that have may have an interest according to the laws of intestate succession are:

1. Spouses
2. Descendants – children, grandchildren (including adopted children and those born out of wedlock)
3. Parents
4. Brothers and sisters

• Not all money and property passes through the probate process. For instance:
• non-probate assets – if the deceased names a clear recipient for his money and/or property in his will or trust, the assets will be distributed immediately to the named person;
• contract assets – money to be paid to a particular recipient. Contract assets include, but are not limited to, IRAs, living trusts, and life insurance policies; and,
• jointly held property – assets held by both the deceased and by other parties that automatically pass to the other parties upon the death of the deceased. Such property may include the non-exhaustive list of houses, bank accounts, and/or cars.

A will's validity may be disputed after its creation. As such, it is crucial that you discuss any anxiety you may have about your will with an experienced Colorado probate lawyer.

Colorado Statutes

Colorado Statutes, Title 15 – Probate, Trusts, and Fiduciaries

1. Probate Code: Wills
1. Colorado Statutes, Tit. 15, Art. 11, § 501 et. seq.
2. Probate Code: Intestate Succession
1. Colorado Statutes, Tit. 15, Art. 11, § 101.
3. Probate Code: General Provisions
1. Colorado Statutes, Tit. 15, Art. 10, §§ 101-112.
4. Probate Code: Administration of Estates
1. Colorado Statutes, Tit. 15, Art. 12.
5. Colorado Trust Code
1. Colorado Statutes, Tit. 15, Art.16.