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Updated Will Guide: Essential Information for All Family Structures

Comprehensive guide to updating your will for blended families, same-sex couples, parents, and individuals with significant assets. Learn why an updated will is crucial for protecting your loved ones and assets.

Introduction

An updated will is one of the most important legal documents you can create to protect your family and assets. This legal instrument ensures your wishes are carried out after your passing, providing clear instructions about how your property should be distributed, who will care for minor children, and how your affairs should be managed. Without an updated will, state laws determine what happens to your assets and dependents, which may not align with your intentions. This guide explains the importance of keeping your will current, especially for blended families, same-sex couples, parents with minor children, and individuals with significant assets. Understanding the basics of an updated will can help you make informed decisions to protect your loved ones and provide peace of mind for your family's future.

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Key Things to Know

  1. 1

    Without an updated will, state intestacy laws determine how your assets are distributed, which may not align with your wishes for your family members.

  2. 2

    For blended families, an updated will is essential to ensure all children (biological and step-children) are provided for according to your intentions.

  3. 3

    Same-sex couples benefit from the legal protections an updated will provides, especially in regions where legal recognition may be evolving.

  4. 4

    Naming guardians for minor children is one of the most important functions of a will for parents.

  5. 5

    Your will should be reviewed and potentially updated after every major life event (marriage, divorce, birth of children, significant asset acquisition).

  6. 6

    For those with significant assets, an updated will should work in conjunction with trusts and other estate planning tools to minimize taxes and maximize asset protection.

  7. 7

    Digital assets, pets, and sentimental items should be specifically addressed in your updated will to avoid confusion or conflict.

  8. 8

    Working with an estate planning attorney familiar with your specific family structure is highly recommended to ensure your will accomplishes your goals.

Key decisions before you file

Before you file a Updated Will in Colorado, a few decisions shape the document: which option to choose and what each one means. The Updated Will guide walks through them.

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Colorado Requirements for Updated Will

  • Testamentary Capacity (C.R.S. § 15-11-501)

    Under Colorado law, the testator must be at least 18 years old and of sound mind when executing a will, meaning they understand the nature and extent of their property, the natural objects of their bounty, and the disposition they are making.

  • Will Execution Requirements (C.R.S. § 15-11-502)

    Colorado requires that a will be in writing, signed by the testator (or by someone else at the testator's direction and in their presence), and witnessed by at least two individuals who also sign the will.

  • Self-Proved Will (C.R.S. § 15-11-504)

    A will may be self-proved in Colorado by a notarized acknowledgment executed by the testator and witnesses, eliminating the need for witness testimony during probate.

  • Holographic Wills (C.R.S. § 15-11-502(2))

    Colorado recognizes holographic wills (handwritten by the testator) as valid even without witness signatures, provided the signature and material portions of the document are in the testator's handwriting.

  • Revocation of Wills (C.R.S. § 15-11-507)

    A will or any part thereof may be revoked by a subsequent will that revokes the prior will or part expressly or by inconsistency, or by performing a revocatory act on the will with the intent to revoke it.

  • Revival of Revoked Will (C.R.S. § 15-11-509)

    A will that is revoked by a subsequent will can only be revived if the subsequent will is revoked and the testator intends to revive the original will.

  • Omitted Spouse (C.R.S. § 15-11-301)

    If a testator's spouse married the testator after the execution of the will, the spouse may receive an intestate share unless the will was made in contemplation of the marriage or the spouse was provided for outside the will.

  • Omitted Children (C.R.S. § 15-11-302)

    Children born or adopted after the execution of a will who are not provided for in the will may receive an intestate share unless it appears the omission was intentional.

  • Elective Share of Surviving Spouse (C.R.S. § 15-11-201 to 15-11-214)

    A surviving spouse has the right to take an elective share of the decedent's estate, which varies based on the length of the marriage, regardless of what the will provides.

  • Personal Representative Appointment (C.R.S. § 15-12-203)

    The will should name a personal representative (executor) to administer the estate, with Colorado law providing priority guidelines if none is named or willing to serve.

  • Guardian Nomination for Minor Children (C.R.S. § 15-14-202)

    A will may nominate a guardian for minor children, which the court will consider but is not bound by when determining the best interests of the child.

  • No-Contest Clause (C.R.S. § 15-11-517)

    Colorado recognizes no-contest clauses in wills, which can disinherit beneficiaries who challenge the will, though courts may not enforce them if there is probable cause for the contest.

  • Simultaneous Death Provision (C.R.S. § 15-11-712)

    Colorado's Uniform Simultaneous Death Act applies when there is insufficient evidence that persons have died otherwise than simultaneously, affecting how property is distributed.

  • Choice of Law Provisions (C.R.S. § 15-11-703)

    The meaning and legal effect of a will are determined by the local law of the state selected by the testator in the will, provided the state has a substantial relationship to the testator or the estate.

  • Federal Estate Tax Considerations (26 U.S.C. § 2001-2210)

    The will should address federal estate tax planning, including marital deductions, applicable exclusion amounts, and generation-skipping transfer tax exemptions.

  • Digital Assets Access (C.R.S. § 15-1-1501 to 15-1-1518)

    Colorado has adopted the Revised Uniform Fiduciary Access to Digital Assets Act, allowing a personal representative to access digital assets if expressly authorized in the will.

  • Anatomical Gifts (C.R.S. § 15-19-201 to 15-19-225)

    A will may contain provisions for anatomical gifts under Colorado's Revised Uniform Anatomical Gift Act, though separate documentation is recommended for timely implementation.

  • Pet Trusts (C.R.S. § 15-11-901)

    Colorado law specifically authorizes the creation of trusts for the care of designated domestic or pet animals, which can be established in a will.

  • Disposition of Remains (C.R.S. § 15-19-104)

    A will may include instructions for the disposition of remains, though Colorado recommends using a separate declaration document for more immediate effect.

  • Rule Against Perpetuities (C.R.S. § 15-11-1102.5)

    Colorado has modified the common law rule against perpetuities, allowing for interests that must vest within 1,000 years after creation, affecting long-term trusts created in wills.

Frequently Asked Questions