Do I Need A Will?
*The information on this page is for educational and information purposes only and is not legal advice or a legal opinion.
A will is simply a written instrument that directs a probate court and your personal representative/executor how to divide your estate, meaning your personal belongings, real estate, bank accounts, retirement accounts, insurance accounts, business holdings, and anything else owned by you, upon your death, and after creditors have been paid. If you die without a will, your estate is passed through intestate succession, the rules of which differ by state. So the answer to the question above can be found here if you live in Colorado, and here if you live in Tennessee. If you are okay with how your state has predetermined your property passes, then you may not need a will.
There are a few times when a will is absolutely recommended, sometimes in conjunction with a trust. A will is generally advisable if any of the following apply: the client has children under the age of 21, children not in common with one's spouse, multiple homes, an estate over 1 million dollars, life insurance benefits over 1 million dollars, children with multiple partners, or the potential for unknown children including through sperm or egg donation (even through a "bank").
So is a will necessary for you? It completely depends on your situation! Reach out and let's discuss.