On March 20, 2015

Here’s the conclusion to our blog series Colorado Wills: 7 Facts You Should Know.

Colorado Wills: Additional Important Info

Fact 5 – Colorado wills may provide some estate tax savings.

While these facts about Colorado wills are important to understand, contact us for experienced help drafting, revising or administering Colorado wills.

While these facts about Colorado wills are important to understand, contact us for experienced help drafting, revising or administering Colorado wills.

When Colorado wills are properly drafted, they can help reduce certain estate tax obligations for beneficiaries – or potentially eliminate these obligations altogether. This can be done through, for example, the development of trusts or other estate planning tools with Colorado wills.

Here, it’s crucial to note that:

  • Estate tax obligations are generally based on the total value of a decedent’s property at the time of his or her passing.
  • There can be state and federal estate tax obligations that have to be satisfied.
  • Even though Colorado wills may be able to reduce beneficiaries’ future estate tax obligations through options like trusts, wills may not eliminate tax obligations altogether.
  • Regardless of the estate tax obligations, probate for Colorado wills can still be necessary (though the probate process will typically be far more streamlined when wills have been properly drafted).

Fact 6 – When no will exists upon someone’s passing, Colorado law will “write” a will for that person.

When people pass away without creating Colorado wills, those people are described as having died “intestate.” This essentially means that Colorado law will be used to “write” a will for that person via state statutes that detail who gets what, etc. in these situations.

Dealing with intestate estates can be complicated and costly, and it’s typically more expensive that probating valid Colorado wills. What may be more concerning than these aspects, however, can be knowing that your assets or property are not going to the beneficiaries whom you would have wanted to have them.

Fact 7 – For experienced help with any aspect of Colorado wills, contact us.

Of all of the facts about Colorado wills that we’ve revealed so far, this is the single most important one to remember. When you need help devising, updating, administering and/or probating or contesting Colorado wills, you can trust our Denver estate planning lawyers for experienced help and the highest quality legal services.

The bottom line is that:

  • You never know what tomorrow may hold.
  • Putting Colorado wills in place now can be essential to protecting your beneficiaries in the future.
  • Because there can be a lot to consider and include in Colorado wills, having one of our skilled attorneys on your side, guiding you through the process, can give you confidence that you are putting an effective, comprehensive will in place.

Denver Estate Planning Attorneys at JR Phillips & Associates, PC

Are you ready to draft or update a will? If so, you can turn to the estate planning lawyers at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning needs, and we take pride in helping each of our clients and their families find the best solutions for them.

Let’s discuss your options during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Drafting Wills, Estate Administration, Estate Planning