will disposes of an individual’s property upon their death. It is very important to have a will, as if you don’t, your property will be disposed of pursuant to Colorado law, which may not coincide with an individual’s wishes. It is important to remember that a will may not dispose of all the property you own — the way a property is titled may control the transfer of that property upon a person’s death. You will need to consult with an attorney to clarify these issues.
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A parent should always have a will, so that a guardian can be appointed for a child if the parent dies, and arrangements can be made to administer property for the benefit of the surviving child.
Before discussing a will with an attorney regarding Colorado conservatorship, you need to have a rough idea of how you wish to dispose of your property; who you wish to nominate as your personal representative (the person who administers the will); and who will be the guardian/conservator or trustee for issues concerning the children.
It is also recommended that you appoint a power of attorney, through a separate document outside of your will, to make financial and medical decisions should you become disabled.
In certain instances, such as to avoid probate or minimize any estate tax, you may want to create a trust. You will need to discuss with an attorney whether creating a trust makes sense for you.
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The Martin Law Firm includes a Colorado conservatorship firm that can work with you to ensure that your wishes will be carried out.