It is not unusual for a married couple in Colorado to have children, and then later divorce. Sometimes, one or both parents will remarry, creating a blended family. While it is generally good for people to end a marriage that is simply not working out, and for these individuals to find love again when their children are grown, estate planning when it comes to blended families can be complex.
If one has a child, it is often the case that they want their child to inherit their assets when one passes away. Therefore, those with children may execute a will or trust to ensure this happens. However, estate planning is important for anyone, including those who do not have children. This is because without an estate plan, the state will determine who will inherit one's assets and make decisions on their behalf.
Personal relationships between spouses or between parents and children can be complicated. Sometimes, for a variety of reasons, a person in our state may wish to make sure their final wishes are honored by their spouse or child by inserting a "no-contest" cause in their will. A no-contest clause generally states that a person will be disinherited if they challenge the contents of the testator's will. However, are such clauses enforceable here?
You finally created your will. Now what?
People in Colorado may have heard of the term "probate" and may not have a very favorable impression of it. Some people choose to take measures to avoid probate through estate planning, in order to save their loved ones' time and preserve their estate. However, with the right help probate does not have to be a lengthy, complex undertaking.