DENVER WILLS Lawyers

Appointing A Representative

A valid will should appoint a personal representative, often referred to as an executor, to perform certain duties on behalf of the testator. The executor does not need to be a family member, but it should be a trusted individual who knows you well and agrees to the duty. Upon execution of the will, the representative must be advised of his or her duties. Upon the passing of the testator, the executor is responsible for:

• Consolidating and managing the estate’s assets
• Collecting any debts owed to the estate
• Selling assets to pay estate expenses or taxes
• Filing court and tax documents by the appropriate deadlines

The executor does not decide which property is distributed to which family members. Rather, the executor simply performs the duties as outlined in the will.

Choosing a Guardian

If you have minor children, the main function of creating a will is to name a guardian to care for the children in case no surviving parent is alive to do so. It is up to the courts to appoint a guardian if no one is named in the will. While testators typically choose a family member to serve as a guardian, other individuals name a trusted friend. Guardians named in the will should agree to the role and the corresponding responsibilities before the execution of the will. Some testators also choose to outline financial provisions for the guardian in the will.

When no valid will exists

If a person dies and no valid will exists, survivors may face an expensive, stressful and time-consuming legal process. A probate court is left in charge of dividing up assets and distributing it to surviving relatives if no will is on record. The courts are also responsible for paying any estate debts following the legal guidelines.

The probate process can take anywhere from a few months to several years, depending on the size and complexity of the estate. If no immediate relatives are located, the estate assets are given to the local government.

Joint Wills Vs. Individual Wills

Some married couples may be tempted to save time and money by creating a joint will. However, any experienced Denver wills attorney will likely advise against this practice. Joint wills can create confusion if there is property involved that is not jointly held or if you and your spouse die years apart.

Separate wills are particularly important if you or your spouse have children from previous relationships. Property acquired during a previous marriage is also best addressed in separate wills. Be on the safe side and create an individual will that is clear and concise.