Colorado Will Requirements and Costs

Simple Flat Rate Pricing

Larranaga Law offers flat rate pricing for will drafting and hourly rates for other related services.

·       Simple Will: $500 per person ($750 for married couples) *

·       All Other Wills: $250 an hour plus costs

·       Other Services: $250 an hour plus costs **

* Simple will require the following: 1) All property is located in CO; 2) you do not require the creation of a trust; and 3) there are no special subject areas or topics that need to be covered.

A simple will includes 1) a brief initial conversation regarding your intake paperwork; 2) drafting a will; 3) a conversation regarding the final product; and 4) any amendments based on those conversations.

** Other services may include estate planning, real estate transfers, power of attorneys, and so on.

Colorado Will Requirements

To have a valid will in Colorado certain statutory requirements must be met.

Age: To make a valid will in Colorado, the testator (will maker) must be at least 18 years old.

Capacity: To make a valid will in Colorado, the testator must be of sound mind. Age is factor but not conclusive.

Signed Writing: While certain exceptions apply, the will should be in writing and signed by the testator.

Witnesses: To make a valid will in Colorado, there are two options for validating the signature of the testator. One, the will must be signed by at least two individuals that witness the testator’s signature and can met the current test. In the alternative, the will can be acknowledged by the testator before a public notary.

Each specific requirement has multiple underlying requirements, tests, and sub-factors. But Colorado makes it relatively simple to make a will.

THIS ARTICLE IS NOT LEGAL ADVICE. PLEASE CONTACT AN ATTORNEY. ALL STATEMENTS REGARDING HOW ESTATES WORK DO NOT APPLY TO THE TOPIC OF TAXES WHICH OPERATE ON A DIFFERENT SET OF RULES. TALK TO AN ATTORNEY.

Personal Representative

The personal representative is the person appointed during probate to help dispose of the deceased assets. Often this person is hand-picked by the testator and listed in their will. The personal representative’s power derives from the court.

Personal Property Versus Real Property

In terms of wills, personal property is treated the same as real property otherwise known as real estate. That being said there are certain terms that apply to real estate that can impact the deposition of a will.

Joint Tenancy With The Right Of Survivorship: If you have ever purchased real property with another person you may have heard this term. In short, this is a legal concept. Upon death, the property automatically passes to the other joint tenant. Think of it like a magic trick. The transfer is immediate meaning when the original Joint Tenant dies that real estate does not pass into the estate of the deceased tenant. Rather, it immediately whips out that ownership interest and transfers it to the new owner. The result, the will does not impact how that property passes because the property never entered the estate of the deceased. Rather, the other Joint Tenant takes immediate ownership by operation of law.

For example, Jim is married to Mary and they own their house as Joint Tenants With The Right Of Survivorship. Jim plans to leave everything to his brother John on his death. As such, his will reflects that and states that his interest in the house shall pass to John when he dies. Jim then dies. All of Jim’s personal property passes into Jim’s estate. But the house does not. John is angry because the will says he gets part of the house. In reality, the will does not matter because the house transferred to Mary the instant that Jim died. The house never passed into the estate meaning the will does not have any effect. Like I said, it is something to think about when drafting your will.

This concept of  Joint Tenancy With The Right Of Survivorship may also apply to things such a bank accounts. While things like insurance contracts may not use the same terms, the results may be similar. Rather, you may see the phrase beneficiary.

Using the same example, a bank account that has Mary listed as the beneficiary may pass immediately to Mary upon Jim’s death.

Non-Probate v. Non-Probate Transfers

Our example above leads to our next topic. Non-Probate v. Non-Probate Transfers.

A Non-Probate item is a piece of personal or real property that upon death does not pass according to the will. Rather they pass according to a deed, contract, or other type of instrument. Examples include real property deeded as Joint Tenancy With The Right Of Survivorship, bank accounts with beneficiaries, life insurance with listed beneficiaries, and so on.

A well-planned estate can actually use non-probate transfers to dispose of the majority or all of the deceased person’s property thus avoiding the hassle of probate. In other words, the family members of the deceased do not have to go to the court, open probate, assign a personal representative, dispose of assets according to a will, and so on. Rather, it just passes based on the contract or deed.

Probate items are items that pass directly into the estate and need to be disposed of upon death. In most circumstances, the will governs these items.

Regardless of if you plan your estate to pass through non-probate or probate transfers, it is a good idea to have a will simply for the reason that things happen. For an estate plan that focuses on non-probate transfers, the will acts as a backup plan for items that may have been missed, items that do not pass according to plan, and other. For an estate focusing on probate transfers, the will is the primary document to ensure that the estate does not default to the state’s intestacy laws which will act as a substitute will but are 100% governed by local state laws.  

Do I Need A Will?

It is a good idea for every person in Colorado over the age of 18 to have a will and/or limited estate plan. Ideally, you want a will and advance medical directive. The sole reason is that you are taking control of important future decisions that concern you that you may be unable to make. IE, you cannot make a decision if you are dead or unconscious. It is harsh but that is the reality.

Colorado does have intestacy statutes meaning statues that will direct the disposal of your property upon death. This is the default. A will prevents the application of these statutes and governs. While these statutes are generally good, they do not always do what the person wants. Having a will helps to prevent that uncertainty.

Then the advance health directive is a must-have if you do not want to leave major medical decisions in the hands of the wrong person.

THIS ARTICLE IS NOT LEGAL ADVICE. PLEASE CONTACT AN ATTORNEY. ALL STATEMENTS REGARDING HOW ESTATES WORK DO NOT APPLY TO THE TOPIC OF TAXES WHICH OPERATE ON A DIFFERENT SET OF RULES. TALK TO AN ATTORNEY.