All residents of Colorado are allowed by law to state in writing how they want their real estate properties, cash on hand, fiduciary, lands and digital assets to be shared among a group of people when they die. This group of people who benefit from the shared assets are known as designated beneficiaries.
It is different from a living will that informs one’s health care providers about his or her medical preferences. If you want to know more about last will and testament Colorado, the requirements of drafting one among other things, read on.
What Is a Colorado Last Will And Testament?
A Colorado last will and testament is any codicil or testamentary instrument used to appoint an individual who is to execute the wishes of the testator, nominate a guardian, revoke or revise a will, as well as exclusively hand over or limit the rights of an individual to claim the property of the distributed by intestate succession in accordance with the Colorado laws.
It also dictates the particular time these assets should be shared. When minors are the designated beneficiaries, the testator might state that the assets are not shared amongst them till they reach a certain age or a particular milestone is reached.
The individual who sees to it that the wishes of the testator are followed is known as the executor. The testator may name an alternate executor to take over should the primary executor be unavailable or unwilling to serve.
All laws pertaining to Colorado will requirements are stated in Title 15 of the Colorado Revised Statutes.
What's Included in a Colorado Last Will and Testament?
A Colorado will form should contain the following details:
- Name and contact information of the testator
- Beneficiaries and information such as their names, physical addresses, social security number and relationship to testator
- Signatures of testator and witnesses
- Name of guardian
- Name and contact information of executor
- Name of appointed trustee and relationship with testator
Benefits and Limitations of a Colorado Last Will and Testament
The benefits of these Colorado legal forms include:
- Can be used to create and name trusts for children or pets (pet trust). A pet trust should state that the cover provided for the pet will only be available for 21 years.
- It can be used to allocate and distribute assets amongst one’s beneficiaries
- Without one, a person’s assets are left at the mercy of the state
- Can be used to appoint a legal guardian over one’s minor children.
Wills have proven to present testators with a long line of benefits, but they do come with some limitations in Colorado.
A Colorado will form cannot be used to leave:
- Money in a payable-on-death bank account
- Money in retirement plan that already has some beneficiaries outlined in its forms
- Property penned down in the living trust
- Life insurance proceeds with beneficiaries
- Stocks or bonds with a transfer-on-death (TOD) form
- Avoid probate
It also cannot be used to:
- Reduce estate tax
- Make funeral arrangements
- Allocate money for illegal purposes
- Leave money to pets
- A property that does not entirely belong to a testator but is co-owned by someone else who only transfers the property automatically to the surviving owner should they die.
How to Write a Last Will and Testament in Colorado?
Whether an online will Colorado is used or the form is obtained from a local court office, the following Colorado will requirements must be met for it to be valid:
- It should be prepared by an adult who is at least 18 years old and of a sound mind at the time of writing the will
- The document must include the signature of the testator or anyone signing on behalf of and according to the directives of the testator
- Must be signed by at least two witnesses with these witnesses certifying that they witnessed the signing by the testator.
- It must be in writing.
Talking about writing, here’s how to write a Colorado last will and testament:
- The testator must state their name, city and county of residence, as well as revise the “Expenses and Taxes” section.
- They must appoint an executor with the form and include the full name and contact information.
- Highlight all the beneficiaries and provide the needed information about them
- It should then be signed by witnesses, who must also include their addresses
Are you still confused about writing a last will? CocoSign provides you with a rich list of last will and testament templates Colorado you can download for free.
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