Wills And Trusts Attorneys Serving Denver
It is never too early to start thinking about your estate plan and what will happen to your property in the future. An estate plan is an essential part of planning for your financial security. You can determine how you will protect certain assets, set aside and distribute property, and avoid legal issues down the line for your loved ones.
At Coombe, Curry, Rich, Jarvis, our attorneys help people understand the benefits of having a will or a trust. We recognize that each family is different, and everyone has different goals when creating a will or a trust. We work with our clients to understand their goals and personalize estate planning documents to suit their needs.
What Is The Difference Between Wills And Trusts?
Wills and trusts are often confused with one another. Both are essential tools that secure your assets, but they work slightly differently. A will is a legal document that relates how you want your estate and affairs to be handled and distributed after you die. A trust allows a very different type of control and distribution method from a will, as it removes the assets from your estate.
Regardless of how much wealth and how many assets you have, you can still benefit from writing a will or a trust. Our attorneys at Coombe, Curry, Rich, Jarvis have years of experience crafting wills and trusts to meet the unique needs of our clients.
Can You Write Your Own Will In Colorado?
Under Colorado law, a handwritten (holographic) will is valid without witnesses if the signature and material portions of the document are in the testator’s handwriting. For typed wills, Colorado requires either the signatures of two witnesses or acknowledgment before a notary public. Even small mistakes in language, witness signatures or legal formalities can make your will invalid or open to challenges in probate court. Our attorneys at Coombe, Curry, Rich, Jarvis help you create a will that clearly expresses your wishes and meets all Colorado legal requirements, protecting your family from costly disputes and delays.
Does A Trust Protect Your Assets From Creditors?
Whether a trust protects your assets from creditors depends on the type of trust you create. An irrevocable trust can shield assets from creditors because you permanently transfer ownership of those assets out of your estate. Once you place assets in an irrevocable trust, you cannot take them back, which means creditors generally cannot reach them. A revocable living trust does not offer the same protection. Since you maintain control over assets in a revocable trust and can change or dissolve it at any time, creditors can still access those assets to satisfy debts. Our attorneys help you understand which trust structure aligns with your asset protection goals.
Life Events That Should Prompt You To Update Your Will Or Trust
Major life changes often require updates to your estate planning documents. You should review and potentially revise your will or trust after:
- Marriage or divorce
- The birth or adoption of a child
- The death of a beneficiary or executor
- Significant changes in your financial situation
- Relocation to another state
Colorado law may treat your assets differently after these events, and outdated documents can lead to unintended consequences for your loved ones. Our attorneys at Coombe, Curry, Rich, Jarvis recommend reviewing your estate plan every few years and immediately after any major life event to ensure your documents still reflect your current wishes and circumstances.
What Happens If You Don’t Have A Will In Colorado?
The state will divide your property and assets among your legal heirs if you do not have a will. Your preferences will not be taken into consideration. A will or trust, or a combination of the two, offers the best assurance that your wishes will be followed and that your loved ones will get what they deserve without having to go through some of the difficult aspects of the probate process.
How Having A Will Protects What Matters Most
A will is one of the most important documents you can create. Without one, Colorado’s intestacy laws determine how your assets are distributed, often in ways that do not reflect your true wishes. At Coombe, Curry, Rich, Jarvis, we help our clients understand what a well-crafted will can do for their families. Key benefits include:
- Naming beneficiaries for your property and assets
- Designating a guardian for minor children
- Choosing an executor to carry out your wishes
- Reducing the potential for family disputes
- Simplifying the probate process for loved ones
Taking this step now can save your family significant time and stress in the future.
What Can And Cannot Be Included In Your Will
Understanding what a will can and cannot do is a critical part of effective estate planning. Items commonly addressed in a will include real estate and personal property, financial accounts, guardian designations for minor children, and funeral preferences. However, assets with named beneficiaries, such as life insurance policies and retirement accounts, as well as property already held in a trust, fall outside the scope of a will. Our attorneys at Coombe, Curry, Rich, Jarvis take the time to walk our clients through these details so their estate plan is structured correctly from the start.
When A Trust Could Be The Right Choice For You
A trust offers flexibility and control that a will alone cannot provide. At Coombe, Curry, Rich, Jarvis, we help our clients determine whether a trust aligns with their goals. A trust may be worth considering if you want to avoid probate, have minor children or beneficiaries with special needs, own property in multiple states, or wish to place conditions on how assets are distributed. Our attorneys will review your situation before recommending the approach that best fits your needs.
A Closer Look At The Types Of Trusts
Trusts are not one-size-fits-all. Our attorneys at Coombe, Curry, Rich, Jarvis can help you identify which option makes the most sense for your situation.
Revocable Living Trust
A revocable living trust can be modified or revoked at any time while you are alive, allowing your estate to bypass probate and ensuring a smoother transfer of assets to your beneficiaries.
Irrevocable Trust
An irrevocable trust generally cannot be altered once established. Because assets are transferred out of your estate, it can offer tax benefits and protection from creditors.
Testamentary Trust
Created through your will and effective only upon your death, a testamentary trust is commonly used to manage assets for minor children or young beneficiaries over a set period.
Special Needs Trust
This trust provides financial support to a loved one with a disability without disqualifying them from government benefits such as Medicaid or Supplemental Security Income (SSI).
Charitable Trust
A charitable trust directs assets to a charity of your choice and, depending on how it is structured, may also provide income to you or your beneficiaries during your lifetime.
Handling Estates Of All Sizes
Wills and trusts are valuable documents when it comes to protecting your future and saving your family from a lengthy and expensive court process. Contact one of our estate planning attorneys at Coombe, Curry, Rich, Jarvis to learn more about how a will or trust can benefit you. Call us at 303-572-4200 or contact us online to schedule a consultation.
