Wills & Trust
Help Safeguard Your Financial Future: Contact a Grand Junction, CO Wills and Trusts Attorney
Most individuals wish to leave the assets they worked hard to accumulate over a lifetime to the people they loved, such as their spouse, children, grandchildren, or other close relations. Those residing in Grand Junction, Mesa County and surrounding regions can meet this personal goal via estate planning and consultation with a Grand Junction, CO will and trust attorney.
The Importance of Wills and Trusts
Arguably, the most direct method of ensuring one’s property goes to their loved ones upon their passing is the establishment of either a will or trust with an experienced Grand Junction, CO wills and trusts lawyer.
Wills
Also known as the last will and testament, this legal document offers directives on how a recently deceased individual’s final responsibilities are to be carried out and instruction regarding the specific dispersion of their remaining assets.
Every will is different depending upon the author’s specific directives. That said, most contain certain common components:
A Named Executor
The executor is the individual the author designates to handle the instructions contained within the document. Said subject is often a close family member or trusted associate. However, the person in question should be someone the author trusts and feels confident is capable of carrying out the mandated responsibilities.
Identification of Heirs
Typically, this legal instrument will also clearly identify all of the author’s known heirs, such as their spouse, children, grandchildren, or other close relations should they not be married or have issue.
Directives
The document should also include instructions detailing the author’s final responsibilities like paying income taxes, settling other debts, and satisfying all other final duties. Moreover, specific instructions regarding the dispersal of remaining assets to specific heirs should be included as well. Authors might also include provisions like naming a legal guardian should they pass away before their children reach legal age.
Witness Testimony and Endorsement
In most cases, an authenticated will should be witnessed by at least several people and signed by said individuals. The document is signed by the author, proving they were of sound mind when this testimony was given. Typically, witnesses will include a will and trust attorney and at least one other witness. Each of these parties will sign the document as well.
The Risks of Not Having a Will
Individuals who die without authoring a will run the risk of the fate of their assets being decided by Colorado courts. Furthermore, lack of a will can significantly delay the settling of the decedent’s affairs and potentially precipitate conflict among said individual’s heirs. Additionally, revisions should be made with the help of an estate planning lawyer whenever pertinent life changes arise.
Trusts
Trusts enable individuals to pass the entirety of their assets into the hands of a Trustee, who then disperses said holdings in accordance with the creator’s wishes upon their passing. Trustees can be individuals or institutions like banks or other financial establishments. Many trust creators make revocable trusts, which means they are given the liberty to make alterations to said arrangement, should the need arise. Trusts can be authored with the help of a will and trust lawyer.
Some individuals might prefer setting up a trust because the assets contained within may not be subject to the probate process. Probate is a court overseen undertaking in which an individual’s will is authenticated. However, in cases of large or disputed estates, the probate process could take months and, in some cases, years to complete.
Contacting Us
Wills and trusts are often an integral part of safeguarding individual assets for future use by loved ones. Though this process might seem daunting and stressful, consultation with a Grand Junction, CO wills and trusts attorney can make this process easier. Please contact us today.