On November 10, 2014

Drafting wills can seem like an overwhelming or even morbid process, but taking the time to put these important estate planning documents in place now can be critical to putting your final wishes formally in place. Whether you have a small or large estate, if you don’t already have a will in place, you likely have some questions about what drafting wills entails and what it can mean for your assets, family and future.

In this three-part blog series, we will respond to some frequently asked questions about drafting wills. Although our answers are purposefully general, you can readily get some more specific answers regarding your best estate planning options by contacting the Denver wills and estate planning attorneys at JR Phillips & Associates. We have the experience, integrity and dedication you can rely on to resolve all of your will and estate planning needs now and in the future.

Here’s What You May Want to Know about Drafting Wills…

Q – What is the purpose of drafting wills?

Do you need answers about drafting wills in Colorado? If so, check out these FAQs. You can also contact us for specific answers and help for all of your estate planning needs.

Do you need answers about drafting wills in Colorado? If so, check out these FAQs. You can also contact us for specific answers and help for all of your estate planning needs.

A – Wills are legally binding documents that detail a person’s wishes regarding:

  • Who will oversee the administration of an estate (i.e., who will be the executor)
  • Who will receive the assets of the estate (i.e., who the beneficiaries of a will will be)
  • How the assets will be distributed among the beneficiaries
  • Whether any other special estate planning tools will come to fruition (like, for instance, trusts taking effect upon one’s passing).

Although people commonly assume that wills are only for rich people who have a lot of assets to leave behind, this is not the reality of the situation, as even people with relatively smaller estates (or less assets) can still benefit from drafting wills.

Q – What are the eligibility requirements for drafting wills in Colorado?

A – In Colorado, the eligibility requirements for drafting wills that will generally be considered to be legal and valid include:

  • Being at least 18 years old when drafting wills
  • Being of “sound mind” when drafting wills
  • Being aware of the assets, named beneficiaries and preferred asset distribution.

Here, it’s important to point out that:

  • These requirements are different in different states, so you should consult a lawyer to check the specific requirements in your state if you’ll be drafting wills in a state other than Colorado.
  • Even if these eligibility requirements for drafting wills have been met, it’s still possible for beneficiaries (or other interested parties) to try to challenge wills in the future.

We will answer some more questions about drafting wills in the second and third part of this blog series that will be published soon. Don’t miss them!

Denver Wills Attorneys at JR Phillips & Associates, PC

Are you ready to draft a will or explore your other estate planning option? If so, you can turn to the wills and estate planning lawyers at JR Phillips & Associates, PC. We are skilled at using a variety of traditional and innovative approaches to develop solutions that are perfectly tailored to our clients’ needs and objectives.

Our goal is to help our clients efficiently navigate the complexities of the law so they can develop effective, prudent solutions that will protect them, their assets and their families in the future.

Contact Us

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 Planning