How to Make a Will in Colorado

Writing a Will is essential for any adult, regardless of whether you have children or a lot of money. Having a will is planning for your loved ones and family after you die, and it leaves them financially secure and with some peace of mind during your lifetime.

You can contact our legal professionals at LegalPen for more guidance on how to write a Will in Colorado.

What are the Steps to Create a Will in Colorado

When the time has reached for you to create a Will in Colorado, you must follow the below steps, which will guide you on how to create the Will; –

1. Inventory of Assets

You should have a list of all your assets and decide what property you want to include in your will. Having an inventory will ensure you remember all of your assets.

2. Beneficiaries/heirs

You should decide who will inherit your property and assets. This decision is crucial, and you should consider those who would be greatly financially affected by your death.

3. Executor

An executor is the person who will be responsible for handling and distributing your estate while following your wishes as contained in the Will. You should choose an executor who is willing and competent to carry out what is necessary.

4. Guardian 

You should appoint a guardian if you have minor children. The guardian will be responsible for raising the minor children if you die before they reach 18 years and are deemed as adults.

5. Make your Will

After collecting all the required information, you should decide on the type of will that will suit your circumstances and proceed with writing the will. You should ensure that all the legal requirements for making the will valid are adhered to, and if you want to seek more clarification, you can do so through a Lawyer at LegalPen.

6. Signature

You should sign your will in front of witnesses as required by law, and the witnesses should sign the will equally.

7. Storage 

You should store your will in a secure and waterproof place to prevent any damage to the will. The storage place of your will should be easily accessible during your death.

What Happens if I Don’t Have a Will?

When you die without having a will, you will be considered to have died intestate, and your property will be distributed in accordance with the Colorado intestacy laws.

Intestacy laws provide that if there is a surviving spouse and children, they will receive the estate, and in the event there are none, the estate shall go to the next of kin, such as parents, siblings, grandparents, etc.

When the Court finds no next of kin to inherit the estate, it shall go to the state.

What Are the Requirements for Writing a Last Will and Testament in Colorado?

For a Last Will and Testament in Colorado to be valid, specific requirements must be met.

The requirements for writing a will in Colorado are; –

1. You must be 18 years or older.

This is because it is the age one is considered an adult.

2. You must be of Sound mind. 

As the testator, you need to be aware of your actions and have no doubt of your mental capacity at the time of making and signing the will.

3. It must be in writing. 

The Will must be in writing, either electronic or physical, for it to be valid.

4. The will must be signed.

The testator or someone with authority from the testator must sign the will in their presence.

5. Witnesses.

The will must be signed in front of two witnesses who will sign your will within a reasonable time after seeing you sign or acknowledge the will.

6. Notary.

You must acknowledge your will before a notary as provided for under Colo. Rev. Stat. § 15-11-502 (2023)

How Often Should You Review and Update Your Colorado Will?

You should review and update your Colorado Will after about every three to five years. The timeline is not set in stone, as you can review and update your will at any time or in the event of a significant life event. The major life events can be marriage, divorce, the death of a family member, the birth of a new family member, or changes to your financial situation.

Reviewing and updating your will often keeps the will on par with the happenings in your life.

How to revise and update your will in Colorado

Staying on top of your estate plan is crucial and can happen through revising and updating your will. In Colorado, you can revise and update your will through the following process; –

1. Codicil—A codicil is a legal document attached to the will that contains additional clauses that modify the will. The changes can be minor or significant.
2. New Will—You can review and update your will by creating a new one and following the same steps as if you were making one for the first time. Creating a new will is important when making a lot of changes. The new will has to state that it specifically revokes all prior wills and codicils.

What Makes a Will Valid in Colorado?

A will shall only be valid once some requirements are met. Below is what makes a will valid in Colorado; –

1. Signature – The testator must sign the will or have someone else sign on their behalf and in their conscious presence.
2. Witnesses—The Will must be signed in front of two competent witnesses who can testify in Court.
3. Notarization – A will does not need to be notarized in Colorado. However, you can sign your will before a notary instead of two witnesses.

Can a Handwritten Will Be Valid in Colorado?

Yes, a handwritten will can be valid in Colorado. A handwritten will is a type of do-it-yourself will, and the material provisions for its validity are provided under Colo. Rev. Stat. § 15-11-502.

The handwritten will must be in the testator’s handwriting and signed by the testator. There is no need for witnesses.

How Do I Sign My Colorado Will?

You can sign your Colorado will in front of two witnesses who will sign it within a reasonable time after seeing the testator sign or acknowledge it, or you can opt to acknowledge your will in front of a notary as provided for in Colo. Rev. Stat. § 15-11-502, and there will be no requirement of having witnesses.

What Can I Include in an Online Will in Colorado?

When you create an online will, the following is a list of items that you can include in your Online will in Colorado; –

1. An inventory of your assets.
2. A list of your beneficiaries/heirs.
3. The mode of distribution of your assets to your beneficiaries.
4. Your appointed executor.
5. The guardian of your minor children.
6. Any final notes or instructions to your loved ones.

Types of assets covered in a Colorado will

There are different types of assets, and the following are the ones that are covered in a Colorado Will; –

1. Real property such as homes and land.
2. Personal property such as jewelry and furniture.
3. Financial assets such as bank accounts and investments
4. Digital assets such as cryptocurrency holdings
5. Business interests

Can I Revoke or Change My Will in Colorado

Yes, you can revoke or change your will in Colorado. The revocation or change can be done anytime since the will contains your wishes of what will happen to your personal property. You are free to change your mind at any time, which may lead to you needing to change or revoke your will.

How do you revoke or change your will in Colorado

You should update your will after three to five years. These updates may need you to revoke or change your will. Below are various ways in which you can revoke or change your will in Colorado; –

1. By burning, tearing, or destroying all or part of the will with the intent of revoking it.
2. By making a new will and explicitly stating that you revoke all prior wills and codicils. 

Can I Make a Digital or Electronic Will in Colorado?

Yes, you can make a digital or electronic will in Colorado. The electronic will is made and stored in electronic format and signed electronically.

Who Can Witness a Will in Colorado?

Any competent adult can witness a will in Colorado. However, Colorado does not allow a beneficiary or an interested individual to the estate to be a witness as this creates a conflict of interest, and testators are advised against selecting them, though it will not automatically invalidate a will.

Should My Will Name an Executor?

Yes, your will should name an executor as the person responsible for carrying out the wishes contained in the will. The executor should be someone capable and competent of diligently and professionally distributing the estate.

What are the Colorado will executor requirements?

There are several Colorado Will executor requirements, which are;-

1. The individual must be at least 21 years old.

The Law in Colorado requires an executor to be 21 years or older to be an executor of a will.

2. The individual must be of sound mind and is not incapacitated by a court.

This is important as the executor will know and understand the process and be able to follow the wishes of the testator.

3. The individual must not be someone who feloniously killed a person.

This requirement is explicitly provided for in Colo. Rev. Stat. § 15-11-803.

What Happens to a Will After Death in Colorado?

After you die in Colorado, your executor has ten days to present your will to the probate court for it to be proven before it can be accepted.

Once the will has been proven valid, the executor shall pay off any debts and taxes owed by the estate and then distribute the testator’s property according to the will’s wishes.

What is the Impact of Marriage and Divorce on Your Colorado Will

Once you are divorced in Colorado, any bequests or appointments made to your ex-spouse are revoked. However, while you are under no legal obligation to update your will for married couples, it is important to do so to make sure your will is effective, as spouses in Colorado automatically earn the right to inherit from one another upon death.

Do all wills in Colorado have to go through probate?

Yes, all wills in Colorado must go through probate. Probate is the legal process of transferring property from the deceased to the beneficiaries.

In Colorado, there are two types of probates: formal and informal. The degree of court involvement and complexity ranges from a simple and inexpensive to a complicated and expensive estate.

Is Colorado a community property state?

No, Colorado is not a community property state. Colorado is an equitable distribution state where the property will be divided by the Court in a manner deemed fair to both parties but not necessarily equal.

How is Colorado intestate succession done?

Intestate succession is when your estate has to be distributed when you do not have a will. The Court has to decide who will administer the estate. In the event that there is a surviving spouse, they are typically named the deceased’s personal representative or any surviving heir aged 21 years and above.

The Court will thereafter distribute your assets to your heirs in a hierarchical system, starting with your spouse and children, parents, siblings, etc.

How is Estate and inheritance tax in Colorado done?

Colorado does not have an inheritance tax. However, it imposes a tax on estates based on the value of their cumulative assets, which is not paid by the beneficiary but by the estate.

Why should retirees consider a will?

Retirees should consider having a will because they protect their assets, determine who gets what in their death, and can help their family members avoid the probate process, and after you have planned your estate, you can start to enjoy your hard-earned retirement in peace.