A will allows you to determine who gets what and when.
If you have assets or property that you want to leave to specific beneficiaries such as family, friends or charity, then you will need a will. A will ensures that your assets are distributed to your designated beneficiaries. Additionally, your will may contain a testamentary trust that specifies when a beneficiary may receive his/her distribution, e.g., when they turn 30 years of age. If there is not will, an individuals estate "passes by interstate succession to the decedent's heirs" pursuant to Colorado law. C.R.S. 15-11-101.
A will can save your estate money.
A will provides you with the opportunity to appoint a personal representative to administer your estate pursuant to the terms in your will. this appointment eliminates any costs associated with having a court appointed personal representative.
A will gives you peace of mind.
A will can make provisions for caring for a minor child or an adult child incapable of managing his/her own finances by creating a trust and providing for a trustee and guardian.
A will helps your family make decisions and avoid arguments.
A will is your instructions to your personal representative explaining what you want done with your assets and property upon your death. Rather than having daughters fight over who gets your jewelry box, your will can indicate which daughter gets the jewelry box. Additionally, if you have a child that you want to continue being able to live in your home, your will can indicate that.
