Wills are extremely important estate planning documents. You appoint a Personal Representative (executor) who has four jobs:
- locate your assets
- value those assets
- pay any potential creditors
- distribute your assets according to your Trust.
Last Will and Testament
A Last Will and Testament is the standard Will that people receive in an Estate Plan. But what about a Pour-Over Will or a Holographic Will?
Pour-Over Wills
A Pour-Over Will is the Will you get if you have a Trust. The reason you need a Will even when you have a Trust is because a Will acts as an instruction sheet for probate. Essentially what a Pour-Over Will does is “pour” any missed assets into the name of your Trust. It’s a precautionary measure in case you miss an account beneficiary or purchase future property and don’t buy it in the name of your Trust and your estate gets pulled into probate.
Holographic Wills
A Holographic Will is a legally binding Will so long as it meets the requirements of the state. In Colorado, for a Holographic Will to be valid, it must be written entirely in the decedent’s handwriting and signed by the decedent.
Call us at 719-249-2785 or book here to schedule a free initial consultation with one of our attorneys to discuss the importance of Wills and other Estate Planning documents.