When you’re in your late teens, early 20s or 30s, you tend to think that you have a lot of time to continue living. Your next day isn’t guaranteed though. Unexpected illnesses, accidents and other catastrophic events happen. This is one of the reasons that many legal analysts warn individuals to not put off writing their will.
In Colorado and almost every other jurisdiction in the country, individuals have to be 18 to draft their will. After you reach the age of majority, certain factors may motivate you to draft a will more than others.
Once you turn 18, your assets will automatically go to your parents if you die without a will, are unmarried and don’t have kids. If you don’t have children or a spouse and your parents have predeceased you, then Colorado intestate succession rules will apply. Certain relatives may inherit any assets you amassed while you were alive once a probate judge applies these rules.
If your desire is for your assets to pass on to a friend or a charity, or some other person or entity outside of a particular family member, then you should document those wishes in your will. If you don’t, then they won’t stand to benefit from your intended generosity once you die.
It’s important to keep in mind that you can’t leave assets to your pet under any circumstances. The reason that you’re unable to do this is that a dog, cat or any other pet is unable to own property as humans can.
If you’ve been putting off writing your will because you feel as if you don’t have enough assets to pass on to others, then you should think again. Money, cars, sentimental items and even digital items such as video games, music, photos, PayPal accounts, blogs and movies are all assets that can be left to others. An estate planning attorney in Broomfield can help you draft enforceable legal documents that will ensure that your final wishes are carried out as you intended for them to be.