Why Should I Have A Will?
Can You Tell Me How To Prepare A Will ?
What Is Probate?
Everyone should have their Last Will and Testament. Regardless of any other estate planning they may have done, a proper and professionally drawn Last Will and Testament is essential.
Have your Last Will and Testament reviewed by your lawyer regularly. Keep it up to date to meet your present and changing needs.
Divorce Affects a Will:
Divorce can nullify certain important provisions in a Will. Without doing anything further the results can be unwanted and unpredictable. After your divorce is final you should redo your Last Will and Testament as soon as possible. Call Us: 720-748-6600
People With Young Children:
It is very important for people with young children to have a Will. A proper Last Will and Testament can effectively provide for the young children in the event of the parent's death.
Our standard Will sets up a "Sprinkle Trust" for the benefit of young children. If you have life insurance you can name your estate as the beneficiary to make sure the proceeds are controlled by the trust. Usually such a trust will manage your children's financial affairs much better than a conservatorship and will avoid tens of thousands of dollars in extra legal costs.
The trust may also control the child's property long after he/she is of legal age (when the court ordered conservatorship ends). Giving money to a young adult is not advisable (...except if you're the Porsche dealer) and controlling the money until he/she is more responsible (say age 25) is wise planning. The sprinkle trust can help provide for a disabled child as well.
A Last Will and Testament, if properly structured, can go a long way towards providing the guidance and direction your heirs and loved ones will need when you are gone. Without any other estate planning, in many circumstances, Wills are an easy, economical and an effective way to direct the transfer of your property to your beneficiaries following your death.
Death is never a pleasant discussion. No one wants to contemplate the end of life, however death will come to each as us as certainly as we were born. Therefore, it remains in our own interests to plan for this part of life as much as we would for the birth of our children, their education and our own retirement.
Probate:
To become activated, every Last Will and Testament requires probate. Making a Will takes relatively little of the Testator's time and trouble. However, the Will becomes effective only upon its Probate after the testator's death.
Probate is a legal proceeding that occurs following death. The person who died is known as the decedent. A decedent who left a Will is known as a Testator (Testatrix, fm.) A petition for Probate is filed in the court together with the decedent's Will. The petition requests the court to admit the Will, appoint a Personal Representative (someone who administers the decedent's "estate"). The estate is whatever property and debts the decedent left following death.
Generally speaking, during administration the Personal Representative is responsible to pay the decedent's bills (from the estate's assets); sell and manage the property and then transfer the remaining assets to the decedent's beneficiaries according to the terms of the Will.
Probate is an old established method of transferring wealth following death. It comes from the English Common Law we adopted as a young nation. Over the years we modified and changed the rules somewhat, however the basics remain pretty much the same as back then.
There Are Different Types of Wills:
There are a variety of types of Wills, each with their extent of provisions, complexity and scope of purpose. The proper Will depends on your unique circumstances. Just like a suit or a coat, your Will is designed to "fit" your needs and always expect your needs to change over time.
Our Simple Will
Our Simple Will 300 (tm) Program: As the most basic Will we offer our Simple Will 300 Program (tm) provides more than just a Simple Will. A simple Will is just that ..."simple". It nominates a Personal Representative, empowers the Personal Representative to control estate property and pay bills. It sets forth the beneficiaries and says "who gets what" of the estate. Our Simple Will 300 (tm) Program goes a bit further by providing the following provisions within each Will:
1: A "Sprinkle Trust" for minor or disabled
beneficiaries (e.g. children, grandchildren, nieces and nephews,
etc.).
These are usually your children but can also be remote beneficiaries such as the children of your
predeceased child or children of your predeceased brother or
sister. If you name a friend or non-family member it could be their
children.
The Sprinkle Trust is a very valuable tool to manage the assets for these minor beneficiaries.
In and of itself, having this trust can avoid additional legal
expenses. Expect legal costs of $10,000.00 or more if a conservatorship
proceedings is required. This would happen when a portion of your estate goes to a disabled
person or someone under age 18 (a minor). Those costs can come from
money otherwise destined for your other heirs.
The Sprinkle Trust allows
you to control the property beyond the age of majority (age 18).
A court
ordered conservatorship for a child ends then. At that young age
your heir gets ALL the
money outright. Imagine an 18 year old with $100,000.00 and let the party
begin! However, your new Will can set a more responsible age, say
age 25. Accordingly, that money will have a better chance of being used wisely.
2: A Memorandum of Distribution of Personal Property. This document is separate from the Will and allows the testator to list the names of individuals who shall take personal property items such as furniture, paintings, collectibles, heirlooms, keepsakes and such. This list can be modified at any time and without the need of amending the will or involving the lawyer. The testator needs only follow some specified instructions. The format is easy and you keep the legal expenses down as you deal with these important "little" things.
3: Nomination of a guardian and conservator for minor children.
4: Professionally drafted to your unique and
personal needs so you can rest assured that your new Will is
done right...THE FIRST TIME.
Just a word on Do-It-Yourself Kits, Document
Preparation Services, Online Will Forms and "Freebie" Wills
given as a benefit for buying a service.
The maxim "You get what you pay for." is true.
Don't expect slick advertising or appeals to your fear, greed and
prejudices to produce the quality end-product required for your
estate administration. $19.95 forms tease you with "cheap and
easy" promises but are often-times lacking in flexibility and
completeness. They easily introduce risk for mistakes that can be
fatal to your intended outcome.
Having a poorly drawn Will is oftentimes worse than having no Will at all. I continue to be amazed with the lackadaisical attitudes many people show towards their estate, yet many spend thousands on something trivial. Be wise and get your new Will done right...THE FIRST TIME.
Here's a quote from another local law firm's ad on Craigslist. It speaks for itself:
" Why pay thousands to anttorney when we can do it for much much less"
You deserve better.
Flat fee for the Simple-Will 300 Program: $300.00 per person
Call us for details or you can begin online by downloading the form we need to get started. Simply download the PDF file on the blue highlighted link below. Print and fill out the forms supplying the requested information. Fax or mail, or scan and email the form back to us, provide payment of the flat fee and we'll get started. If you prefer you can drop the form off in person with payment and we will go from there.
To Get Forms Click on the Link Here: Simple Will 300 Program
Once a draft of your will and related documents is ready we'll send it to you for review and approval. We can make any changes you want and when it's ready for signature, we'll set up a time for you to sign and complete.
As part of the flat fee we provide the following additional documents as part of our Simple Will 300 Program (tm) for no additional charge:
Medical Power of Attorney.- This document is essential to allow another to make medical decisions for you if you are unable. It contains HIPAA provisions.
Advance Medical Directive. See more information about this document below.
Complex Wills
The Complex Will: The Complex Will contains many of the features of a basic Will, however the similarity ends there. A Complex Will is designed to handle a larger estate. A Complex Will contains estate planning provisions and features much like those of a living trust. These provisions provide for the maximization of estate tax deductions and benefits to reduce or eliminate federal and state estate taxes. The provisions can include marital deductions, charitable deductions and other provisions unique to your situation. Estate taxes can be a huge sum of money (hundreds of thousands of dollars and more) when applicable. These provisions can have significant and important tax and legal implications and their usage should be applied with great care and skill.
A Complex Will carries a significantly greater cost
than a Simple Will. It is designed to accomplish more and is
much more involved than your basic Will. Costs can vary depending on the level
of complexity and your unique situation.
When considering a Complex Will, I always encourage my clients to consider formal estate planning. Formal estate planning is usually much cheaper in the long run and is designed to save tens of thousands of dollars in legal bills stemming from probate and conservatorship proceedings. However, in some cases, a Will is the better choice. See our discussion on estate planning.
All Complex Wills come with the following documents:
Will
Medical Power of Attorney
General Durable Power of Attorney
Advance Medical Directive
Memorandum of Distribution of Personal Property
We provide you with a PDF files of the scanned original documents plus the originals and copies in a convenient binder format.
In order to accommodate your needs, we can meet at your home, office, assisted living center, hospital room or other location. Call us to make arrangements.
Living Wills, also known as Advance Medical Directives
Some Information About Advance Medical Directives or "Living Wills".
An Advance Medical Directive is a separate document that, during your last moments of life, acts as your declaration to the world regarding your care and medical treatment. Having a Living Will eliminates much uncertainty at a time when you are unable to speak for yourself. It tells the world how you want to be treated.
So, take advantage of the law and make your decision known. Avoid the trials and tribulations your heirs, loved ones, guardians or others may face in determining your future should your intent remain unstated.
The Terri Schiavo case is a poignant and tragic example of what can happen without a living will. Regardless of the politics on either side of the argument, the case sets forth a strong lesson that a Living Will should be in place before you face that situation.
A Living Will is very easy to create and is a standard document for all of our Wills, Trusts and Estate Plans. Also known as a "Living Will", it is a guidepost to others for the scope, style and nature of your care.
We offer this service as part of our Simple Wills, Complex Wills and Estate Planning services. However, if you need just an Advance Medical Directive and/or a Medical Power of Attorney, we can do it at our normal hourly rate. Call Us: 720-748-6600
We accept Visa, MasterCard, Discover and American Express. Call us for details.
Contact Information
Jerold R. Gilbert Law Offices, P.C.
6200 S. Syracuse Way, Suite 125
Greenwood Village, CO 80111
720-748-6600 office