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?
Many people in Colorado may have seen people in movies or on television reciting, "I, being of sound mind and body..." to execute their last will and testament. However, in general, there are three types of wills that a person could execute: typewritten and witnessed wills, holographic wills and nuncupative wills. Which types of wills are legally acceptable is dependent on state law.
People in Colorado Springs may have seen scenes in movies or on television where a dying person makes a will, often with the phrase, "I, being of sound mind and body ..." However, these portrayals of executing a will aren't always accurate. First, an adult of any age who is in good health can execute a will -- they need not be elderly or at death's door. Second, certain legal formalities must be followed in order for a will to be made legally sound and enforceable.
No one in Colorado Springs truly wants to think of their eventual death. However, death is a certainty no matter what a person's age or wealth. Therefore, it is important to plan for what happens to your assets after you die. Many people choose to accomplish this goal by executing a will. However, they should keep in mind that certain assets cannot be disposed of in a will.
Estate planning is important for people of any age. Some people in Colorado take the wise step of executing a will prior to old age. While this document may serve them well for many years, as the future brings new people and new experiences into a person's life, that person may want to revoke their existing will and create a new will. However, there are certain requirements that must be met to legally revoke a will.
While some people in Colorado Springs may have already executed an estate plan, it is a mistake to think that estate planning is "one and done." In fact, there are a variety of reasons why it is good to review one's estate plan. This way, a person can ensure their estate plan accurately reflects their wishes as their life goes on.