In our last blog, Keeping Your Will Private While You are Living, we discussed that you have the right to keep your will private while you are living. While this is a good idea for many people, it is also advisable to share certain details of your will with at least one trusted individual. This individual should be told:
- Where to locate your original will
- Where he or she can find a list of all of your assets and the list of your trusted advisors that he or she should contact upon your death
You don’t want to leave your family wondering if you even made a will and cause them extra work upon your death in trying to locate your will. If it is difficult to find, your surviving family members may begin to argue over who-gets-what, leading to legal battles and a strain on relationships.
Most importantly, if your will is not located, your family may assume that you:
- Decided to revoke it
- Intentionally destroyed it
- Never actually made a will in the first place
In these circumstances, your family will need to file documents with the Court requesting that your estate will be divided according to the Colorado laws of intestacy which may not match your desires.
You do not have to have a large estate to warrant sharing this information. It is important for an individual to have a will even if they have minimal assets to help protect the loved ones they are leaving behind.
Keep Track of the Person You Tell
Maintain a constant relationship with the person you have told about your will. If for any reason that person becomes incapacitated, passes away or your relationship status changes be sure to share this information with a different trusted person (and possibly reassess where you are keeping your will).
If you need to create a will in Denver, the Denver estate planning lawyers at The Brown Law Firm LLC can help. Contact us at (303) 339-3750 or send us a message online to arrange a meeting to discuss your options.