There just never seems to be enough time in the day to accomplish everything that needs to be done. Some things always seem to take priority while others are constantly shifted to the end of the line. For many Colorado residents, drafting wills is one of those items that never seem to reach the top of the list.
When an individual dies without a will, he or she has died “intestate,” For Colorado residents, this means that Colorado law will dictate who will inherit his or her estate. All bank accounts, real property, personal property, investment accounts and more will transfer according to state law.
If the individual was married and had children, the property will transfer to the spouse if the children are also the spouse’s children. If the children are from a previous relationship, then the spouse will inherit up to one half of the estate and the children the remaining portion. If the individual was married without children, depending upon the type of property, it will transfer to the spouse or be split between the spouse, siblings and deceased parents.
For couples who live together without marriage, dying intestate can create a serious problem. State law does not provide for individuals who are not related to inherit property belonging to the other individual. In this situation, a will is one of the few ways to ensure that the partner does inherit.
Wills are an important part of protecting loved ones. Rather than depend upon the state of Colorado to dictate who will inherit, the individual has the ability to establish his or her desires. Experienced legal counsel can draft the appropriate documents.