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?
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.
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.