Many people in Colorado find the idea of death to be unpleasant or even frightening. For this reason, they may not put much thought into what will happen after they die, and specifically, they may put off executing a will. However, there are many advantages to having a will.
One of the greatest advantages is that through a will you get to choose who will inherit which of your assets. Without a will, your estate will be divided between your heirs via state intestacy laws. This means that certain people who you may not wish to inherit could be granted a sizable portion of your estate. Having a legally-binding will can avoid such a scenario.
If you have minor children, a will can contain provisions regarding who will be guardian of your children should you pass away. This can provide a great deal of security. After all, most parents feel very deeply about who they would like to raise their children should the unthinkable happen. Without a guardian named in a will, this decision will be left up to the court, and the court’s decision may or may not align with what your wishes are.
In addition, while a will still must be probated, having a will can make the probate process run more smoothly than it would if you didn’t have a will. This could preserve more of your estate for your heirs, and it could save time as well. In addition, you can name an executor in your will who will wind up your affairs upon your death. Many people have a strong opinion on who should take on this role, but without naming an executor in your will, it will be up to the court who should perform these duties.
In the end, no one is guaranteed to live into their old age, nor can one predict when their end will come. Having a will can provide much security no matter what your age or wealth. However, a will is a legal document, so it is important that it is drafted and executed by professionals. Doing so can help ensure that it will accomplish your goals and that it will be enforceable when the time comes.