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Wills

Colorado Springs Wills LawyerFrom the dawn of writing to the present, written wills have been used to tell the world to whom title to property is to pass to once a person dies. The oldest known written will was drafted for a man named Uah in ancient Egypt. The Virginia Law Register, New Series, Vol. 8, No. 1 (May, 1922), pp. 69-79. In Uah’s will, he simply told the world that title to his property passed to his wife, Sheftu, once he died. Id. And, in its most basic form and for its most basic purpose, that is exactly what a will does to this day – it tells the world who inherits title to your property once you die.

 

Today, though, wills can be much more varied, complex and vastly more important and far-reaching than simply directing title to your property. While your will directs what becomes of your assets including your home, money and possessions such as cars, family heirlooms, jewelry and home furnishings, your will also directs who manages those things, called a personal representative, until title can be transferred to your heirs. Selection and determination of a personal representative is of vital importance in a will because your estate may well be of substantial value when you include life insurance policies, retirement accounts, bank accounts, rental properties, and other high value property you may own. The value of your estate could be life-changing to your heirs and careful planning is necessary to protect the financial interests of your loved ones. Finally, if you have minor children, it is very important to establish who should care for them in the event you and your spouse pass away or cannot care for them.

 

Life changes often necessitate changes or updates to wills, trusts and estate plans. If you already have a will in place, it is important to keep it up-to-date and reflective of your current situation and family’s needs. Generally you should have your will and estate plan reviewed by your attorney at least every three years. But, life events that should prompt you to have your will reviewed sooner include:

  • Getting married, divorced, separated or entering into or leaving a long-term relationship, especially when there was jointly owned property involved
  • Death of your spouse or a family member included in your will
  • Birth or death of children or grandchildren or others included in your will
  • Children, grandchildren or other minors included in your will turning 18
  • Buying or selling your home or other assets such as properties and businesses
  • Significant changes in your personal finances, such as receiving a financial windfall, inheriting property, etc…
  • Retirement

 

The primary drawback of a will is probate. Probate is simply the judicial process of determining what probate assets you have when you pass, who are your heirs/beneficiaries, and ensuring your heirs/beneficiaries receive your property in the portions to which they are entitled. Thankfully, our probate process in the State of Colorado is very efficient, streamlined and practical. However, it is still a government process. So, if you are concerned about probate, then you may just need an expert at The Law Office of Kevin R Hancock to assist you, or you may decide that a will is not the right option for your estate plan. Either way, you should contact The Law Office of Kevin R Hancock to get all of your questions answered so that you have peace of mind knowing you made the right decision.

 

Are you ready to enjoy the peace of mind that comes from knowing you have taken care of your loved ones by doing your estate planning right? Call The Law Office of Kevin R Hancock today!

 

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