Concluding our blog series 7 Reasons to Draft a Will, below, we will point out some final important reasons that drafting a will now – if you don’t already have one – is important.

Additional Reasons Why You Should Draft a Will

Reason 5 – To specifically disinherit certain people.

Giving yourself and your loved ones some peace of mind about the future is one of the most important reasons why you should draft a will if you haven’t already.

Giving yourself and your loved ones some peace of mind about the future is one of the most important reasons why you should draft a will if you haven’t already.

Unfortunately, not everyone is on good terms with all of their family members, and when this may be the case, specifically disinheriting people from a will can be important to some people. For instance, if you have an estranged child, ex-spouse or other relative, specifying that this estranged person should not inherit your assets in your will can ensure that this person doesn’t get assets that should go to your other loved ones.

In the event that you do not draft a will and you pass away suddenly, such estranged people may try to get their hands on your assets, take them away from your loved ones and create other problems for your loved ones in the future.

Reason 6 – To preserve as much of your estate as possible for your loved ones.

Upon your passing, your estate will generally be subject to various taxes. However, if you work with an attorney to draft a will now, you can set up various plans for the future that can significantly reduce your loved one’s future estate tax obligations. And this, in turn, can help preserve more of your assets for the people you love, rather than sending them off to the government.

For instance, the following are just some of the options that you may want to incorporate in your will to help you loved ones minimize future estate tax obligations:

  • Special needs trusts for your loved ones with mental and/or physical impairments
  • Trusts for your children
  • Charitable donations trusts.

By setting up trusts and other estate planning tools with a valid will, the value of your estate upon your passing can be reduced, thereby reducing your loved ones’ estate tax obligations substantially.

Reason 7 – To give yourself and your loved ones some peace of mind.

Ultimately, the best reason to draft a will now is to give you and your loved ones some peace of mind for the future.

The bottom line is that you never know when you may be in an accident, become incapacitated and/or pass away. If you take the time now to draft a will and put your needs and wishes for the future into concrete terms, you can be sure that, regardless of what happens tomorrow, your loved ones will be protected and that your final wishes will be carried out.

Trinidad and Pueblo Estate Planning Attorneys at Gradisar, Trechter, Ripperger & Roth

If you are ready to craft a will or modify an existing estate plan, the Trinidad and Pueblo estate planning attorneys at Gradisar, Trechter, Ripperger & Roth are ready to provide you with the highest quality legal services.

To learn more about our superior legal services and how we can assist you, contact us by calling (719) 566- 8844 or by emailing us using the contact form on this page.

From our offices based in Pueblo, we represent clients in Trinidad, La Jara, Lamar, Walsenburg, Alamosa and throughout the state of Colorado.

Categories: Blog, Estate Planning, Wills