By Andy L. Gitkind | Gitkind Law Firm | Boulder County Estate Planning
It’s a question a lot of people quietly wonder about—usually when something significant happens. A new baby. A home purchase. A health scare. A friend who lost a parent unexpectedly and watched the family struggle through the aftermath.
The short answer is yes, almost everyone benefits from having a will. But the longer answer is more interesting and complex, because understanding what a will actually does—and what it doesn’t do—helps you make much better decisions about your overall plan.
What Does a Will Actually Do?
A will is a legal document that expresses your wishes for what should happen after you die. Specifically, it can:
- Direct how your assets should be distributed among family members, friends, or charitable organizations
- Name a guardian for your minor children—one of the most important decisions any parent can make
- Nominate an executor (called a personal representative in Colorado) to manage the process of settling your estate
- Set up basic trusts for minor beneficiaries so they don’t receive a large inheritance all at once at age 18
- Provide a structure for an inheritance that will protect that money in the even a beneficiary is divorced or faces law suit or creditors.
Without a will, none of these decisions are yours to make. Colorado’s intestacy laws will determine who gets what, a judge will decide who raises your children, and the court will appoint someone to administer your estate—whether or not that’s the person you would have chosen.
Who Needs a Will in Colorado?
Almost everyone, but these situations make it especially important:
Parents of Minor Children
If you have children under 18, a will is essential. It’s the only document where you can name a guardian—the person who will raise your kids if something happens to you and your co-parent. Without it, that decision goes to a judge who doesn’t know your family, your values, or your wishes. A will also allows you to keep your estate “pooled” for the benefit of all your minor children, together, so long as they remain minors. This is a structure preferred by most clients.
People in Blended Families
Colorado’s default inheritance rules can produce results that feel deeply unfair in blended family situations. For example, if you have children from a prior relationship, your surviving spouse may not inherit everything—and your children from that relationship may receive assets in an amount and fashion you never intended. A will lets you structure things the way you actually want.
Unmarried Partners
Under Colorado law, an unmarried partner inherits nothing without a will—regardless of how long you’ve been together or how intertwined your lives are. If you want your partner to be provided for, a will (and often a trust) is the only way to make that happen.
Anyone With Specific Wishes
Do you want to leave something to a close friend? A charity you care about? A sibling who needs more support than the others? None of that happens automatically. A will is how you make your intentions known.
Sizable Estates
A will allows you to leave assets in an asset-protected trust. The larger the state the more clients choose to do so with each inheritance; for protection from the beneficiary’s divorce, creditors or law-suit.
Is a Will Enough on Its Own?
For many people, a will is a starting point—but not a complete plan. Here are some important limitations to understand:
A Will Must Go Through Probate
In Colorado, a will typically must be filed with the probate court and validated before your wishes can be carried out. This process can take cause weeks of delay, involves administrative costs, and is a matter of public record. A revocable living trust, by contrast, can allow assets to pass to your beneficiaries without any court involvement.
A Will Doesn’t Help During Your Lifetime
If you become incapacitated—through illness, injury, or cognitive decline—a will does nothing. It has no legal effect until you die. For lifetime protection, you need a durable power of attorney (for financial matters) and a healthcare power of attorney and living will (for medical decisions).
A Will Doesn’t Override Beneficiary Designations
Retirement accounts, life insurance, and bank accounts with payable-on-death designations pass directly to whoever is named as beneficiary—regardless of what your will says. Keeping those designations current is just as important as having an up-to-date will.
What Is a Complete Estate Plan?
For most Boulder County families, a thorough estate plan includes:
- A will (or a revocable living trust with a pour-over will as a safety net)
- A property power of attorney naming someone to manage your finances if you cannot
- A healthcare power of attorney naming someone to make medical decisions for you
- A living will (advance directive) expressing your end-of-life care preferences
- Updated beneficiary designations on retirement accounts and life insurance
Together, these documents work as a system—covering both death and incapacity, keeping your family out of court where possible, and making sure your wishes are actually followed.
How Long Does It Take?
One of the things that surprises most clients is how straightforward the process can be. For many families, a complete estate plan can be put in place in just two meetings. The first consultation is always a conversation—there’s no pressure and no commitment required.
If you’ve been meaning to get this done and haven’t quite gotten around to it, now is a good time. Andy Gitkind has been helping Boulder County individuals and families build practical, understandable estate plans since 2004—and the first meeting is always complimentary.
Gitkind Law Firm, P.C. | 801 Main St., Suite 230, Louisville, CO 80027 | 303-960-6628 | gitkindlaw.com