Where There’s Your Will, There’s Your Way

In exploring the different aspects of marriage, the “final part” is often overlooked. (I can barely bring myself to broach the topic out loud, but here goes nothing.) I wanted to rap about wills with a guy who knows a thing or two about Colorado law and will-making, so I got with Byron Hammond who, as it turns out, isn’t the macabre sort I made him out to be in my head. In fact, he’s actually quite cool. He took my questions and dropped some knowledge that doesn’t seem terrifying at all. Check it out:

Are there any other issues in a will besides “who gets my property” and what’s the process like?

Yes! Wills are the best method for legally communicating your wishes and intentions when you pass away, and everyone’s first goal is making sure the right people inherit their property … but wills allow you to do much more. They can get pretty specific.  For example, wills allow you to designate who will be in charge of and receive your digital assets. This can include internet-related property, online accounts, digital files and photos, email accounts, domain names, social networking sites, etc. (Fun fact: If you own Bitcoins, there’s a unique procedure for transferring this alternate currency to another person.) Charitable gifting is also very popular in wills. People often want to include gifts to their favorite charities and causes.

As far as the process, when you die, a personal representative (sometimes called an “executor”) will be in charge of administering your estate. Your will gives you — not the court — the opportunity to nominate a personal representative you trust.

Do same-sex couples need a will to protect the kids?

Absolutely. Most people don’t realize that a will allows you to state your intent about who should be your child’s guardian if the other parent is unable to take care of him/her/them. You can also establish a trust for your child(ren) to ensure that your estate will continue to benefit them into adulthood. Without such a trust, a court may direct your child’s inheritance be placed into a supervised account which could have various restrictions and limitations.

What about our pets?

Our pets are like our children. Unfortunately, the law only treats pets as personal property, so when you pass away, your pets have no more rights than a piece of furniture. In a will, you can choose the person or animal-rescue group who will have custody of your pets or arrange for a suitable adoption. You can also set up a monetary gift or a Pet Trust if you want to set aside a certain amount of money to take care of your pet’s needs after you are gone.

What problems can arise when people draft their own wills as opposed to using an attorney?

To be valid, every will must meet certain legal requirements and follow certain formalities. Colorado law allows you to write your own will, but it doesn’t relax the legal requirements for a do-it-yourself will. Unfortunately, I’ve seen many do-it-yourself wills that weren’t drafted or signed correctly and, as a result, were not valid legal documents. If your will is not valid, the law will distribute your estate as though you died without one.

Many online and form services use a “one size fits all” approach. The problem is that no two people are exactly alike. Every client is unique, and that means certain provisions of the will have to be customized and tailored specifically to that client’s situation.

Drafting a will is only part of the estate-planning picture. The do-it-yourself approach often overlooks other important issues such as the best way title your house, placing beneficiary designations on your bank accounts and IRAs to help achieve your wishes, and making sure your life insurance will help (and not hinder) your estate planning goals.

Do marriage and will-making go hand in hand?

Marriage offers certain automatic protections to your surviving spouse, even if you don’t have a will. Nevertheless, if you have enough assets, your surviving spouse may only receive part of your estate, while the rest can pass to your parents, siblings, and other family members. A properly-drafted will can prevent that.

If you had a will before you got married, it’s especially important to revise it to reflect your new marital status. If your previous will didn’t include your spouse, he or she may have to incur considerable legal fees to receive certain assets when you pass away.

Yikes! So how often should someone update his/her will?

Have it reviewed on a regular basis — especially if you’ve had a significant, life-changing event.

Are there any state-specific legal issues that people new to Colorado might not realize or is it pretty standard stuff?

In Colorado, we’re fortunate to have the Uniform Probate Code, which often makes things simpler and more standardized. If you have a valid will from your old state, it’s probably valid in Colorado. (Every state has its own laws governing wills and probate, so it’s always a good idea to have your will reviewed to make sure it’s still up to spec when Colorado law is applied.)

What are some misconceptions about your line of work?

Time is money in many law firms. The less time they spend on an estate plan, the more profit they make. I wanted a break from that approach, so I started a small, specialized firm where I only answer to me. Now I have the time to listen to my clients, learn what makes them tick, and avoid that one-size-fits-all approach to estate planning. Talking about death is difficult for almost everyone. It is not a discussion that should be rushed.

The biggest misconception is that comprehensive estate planning is ridiculously expensive. The reality? It’s far more reasonable than you think, and can help you sleep at night knowing everything is in order.

So it’s relatively affordable and you won’t roll over in your grave that your idiot brother got the dogs and the music studio? I’m in. Schedule an appointment with Byron by giving him a ring at (303) 501-1812 or by visiting BKH-Law.com.