A will is an essential component of any competent estate plan. At Peter Loyd Weber & Associates, we are experienced in writing a will that is based on a personable and thorough analysis of an individual’s estate planning goals. Please give us a call today to plan for your and your family’s future at: 720-863-7755.
FAQ’s About Wills
Who needs a will?
This is a surprisingly easy question – everyone needs a will. Old or young, married or single, rich or poor -you need a will. Think about your life and what is important to you, not just your property and money, but people and causes as well. The things that are important to you are what we consider when making your will. A will gives you discretion over your assets when you have passed. A will is the clearest way to ensure your daughter gets your heirloom ring, your grandchildren don’t collect their inheritance until they are mature, or a charitable gift is made to your favorite cause. Often people think ‘my kids know what I want’ and that may be true, but they will appreciate the guidance your will provides.
I found a form online to fill out online, is this a good idea?
The short, but blunt answer: no, that is not a good idea. While general, fill in the blank forms may be a fine resource for individuals who have little to no assets, these form wills are usually not a great idea for most of the population. The main reason these wills should be avoided if possible is because they do not take into account your unique situation. Those wills do not know if you have a disabled family member who needs special attention for a distribution. Those wills do not know if you live in a state that does not allow holographic wills. Those wills do not know your personal background on how you inherited your assets. Those wills cannot fully appreciate all tax liabilities for having to probate that will. Those wills do not know you, you as an individual and what you need to be protected from.
What happens if I don’t have a will?
If a person dies without a will, they are said to have died ‘intestate’. When one dies intestate, the state oversees the distribution of property based on a set formula. While this formula may closely align with your wishes, it is still advisable to create a will. The statutory formula may leave your spouse “cash-poor” or could disadvantage one child who chooses to receive a valuable material item. This process can be time consuming and frustrating to a spouse and children.
How long does it take to create a will?
A will can be created quickly. We will get the necessary information from you and prepare the documents. You will have opportunities to review the documents and ask questions. You will then need to ‘execute’ your will, which basically is signing the documents following a set of guidelines. After you have executed your will, it becomes valid.
I have a will. Do I really need a new one?
Probably, the rule of thumb is that you need a new will if you have experienced an important life event. This would include a marriage or the death of your spouse, the birth of a child or grandchild, and a substantial increase or decrease of your assets. Even if there has not been a major change in your life, it is recommended to reassess you estate planning, including your will, every 5 to 10 years. There are frequent changes to tax laws which may affect your current will. Additionally, early planning for life events can ease the financial burden on you or your estate.
I have a very messy family situation, what can I do?
This sounds like the ideal time to create a will. Wills can be changed; also future situations can be accounted for during the creation process. Issues arise in many family situations but second marriages are the most common cause of disputes. A will can make the gifts, to your second wife, children, grandchildren and even stepchildren, in the amounts you desire each to receive.
I think my family will be upset with my testamentary choices, what options do I have?
You do not have to share the particulars of your will with your family. It is recommended that you advise your family about how to access the will, for example that it is in your safe or available at our office. You do not have to provide anyone with the amounts you are giving, the people you are giving to or who are not receiving a gift in the will, or provide a copy of the document to members of your family.