Denver Wills Lawyers
Determine the Future of Your Estate
A will is an important foundational document in any estate plan. Without one, you effectively leave no instructions on how to handle your estate. This can have a devastating impact upon any family because it can add stress to grief-stricken relatives. It can even cause familial strife when important legal and financial matters have to be addressed on the fly. Fortunately, leaving even a simple will can help you avoid the worst possible outcomes for your loved ones.
Our experienced attorney for wills in Denver at Denver Family Lawyers can provide the comprehensive drafting experience you need for your will. We take the time to understand your assets, family dynamics, and personal preferences to create a legally enforceable document that reflects your intentions. We also provide guidance and support throughout the process, ensuring your peace of mind and the protection of your legacy.
Trust our experience to help you prepare a will that stands the test of time. Call (303) 225-3343 today to get started.
What Can I Include in My Will?
When drafting your will, it's crucial to include specific details to ensure your wishes are honored and that your estate is distributed according to your intentions. A well-constructed will can provide clarity and peace of mind for you and your loved ones.
The following are some key elements you can include in your will:
- Executor: Name the person you trust to carry out the terms of your will.
- Guardianship: Specify who you want to take care of your minor children, if applicable.
- Beneficiaries: Clearly identify who will receive your assets and in what proportions.
- Specific bequests: Detail any particular items or sums of money you wish to leave to specific individuals or organizations.
- Assets and property: List your assets, including real estate, personal belongings, bank accounts, and investments.
- Digital assets: Instructions for handling your digital assets, such as online accounts and digital files.
- Debts and liabilities: Provide instructions on how your outstanding debts and liabilities should be managed.
- Charitable donations: Mention any donations you want to make to charitable organizations.
- Residue of the estate: Instructions on how to distribute any remaining assets not specifically mentioned.
- Funeral arrangements: Any specific wishes for your funeral or memorial service.
- Signatures and witnesses: Ensure your will is signed by you and witnessed by at least two people, as required by law.
Including these elements in your will helps ensure that your estate is managed and distributed according to your wishes. Consult with our wills attorneys in Denver for thorough planning that can provide peace of mind and clarity for your loved ones during a challenging time.
What Does the Executor of My Will Do?
An executor, also known as a personal representative in some jurisdictions, is a person named in a will (or appointed by the court if there is no will) to administer the estate of a deceased individual. This is an important role that involves multiple legal and financial processes, so it’s important to strongly consider whom you wish to name as your estate’s executor.
Some of the tasks an executor is charged with include the following:
- Probate process: The executor initiates the probate process, which involves proving the validity of the will and obtaining legal authority to administer the estate. This typically involves filing the will with the probate court and following the court's procedures for administering the estate.
- Asset management: The executor takes inventory of the deceased person's assets, which may include bank accounts, real estate, investments, and personal belongings. They may need to secure and manage these assets during the probate process.
- Debt and tax settlement: The executor identifies and notifies creditors of the decedent's death, pays outstanding debts using estate funds, and handles any tax obligations. This includes filing final income tax returns for the deceased and paying estate taxes if applicable.
- Distribution of assets: After debts, taxes, and administrative expenses are paid, the executor distributes the remaining assets to the beneficiaries named in the will. This distribution must be done according to the terms of the will or according to state law if there is no valid will.
Naming your executor is perhaps the most important part of drafting your will because the person whom you select should be trustworthy, capable, and willing to carry out these functions. If they aren’t, legal issues and disputes can arise and unnecessarily complicate probate. Reach out to our wills attorneys in Denver if you wish to learn more about selecting an executor for your will.
