Wills are legal documents that explain and direct how a person’s assets are to pass when they die. Wills also name a person “in charge” (in Colorado, called a “Personal Representative”) to administer the estate, and may also name a guardian for minor children. Wills may be simple or complex, but there is often confusion regarding what a Will can or can’t do.
Wills, without other planning, do not avoid probate (a court process caused by having too many or the wrong type of assets) and have nothing to do with incapacity (lifetime issues). Wills and will-based plans may be appropriate for certain situations, and may be completely inadequate for other situations. We can help you determine whether a Will-based plan is right for you.