The vast majority of individuals/couples only need the following documents to ensure that there wishes will be followed when they decease or become incapacitated.
• A Simple Last Will & Testament
• A Medical Durable Power of Attorney
• A Financial Power of Attorney
• A Memorandum of Specific Bequests
Unless the value of your estate is greater than $3.5 Million, there is no need to have a “Living Trust.” In fact, the “Living Trust” is not only unnecessary, but in many instances, creates more problems that it solves. In my experience, most people fail to properly fund their trust and then find that probate becomes necessary, where in most cases with a Will and “joint tenancy” arrangements, it is not.
A properly drafted “Last Will & Testament” will contain what is known as a “no-contest” clause which can be used to discourage will contests. Though there are a few limited exceptions, this clause (if drafted with the Colorado laws in mind) can be extremely useful in avoiding contested probate.
In these cases where it is anticipated that a family member’s Last Will & Testament may be contested, I strongly suggest that the Will execution ceremony be videotaped. Questions can be asked to clarify the Testator’s wishes and to explain the reasons why some potential heirs will be included and others will not.
The fee for the Will package described above is $400 per person, or $550 for a married couple.
