What’s the difference between a last will and a living will in Colorado?
This is a pretty common question, as there can be some confusion about the different types of wills available.
Navigating the estate planning process in Colorado can feel overwhelming, but understanding the key documents is a crucial first step. Two terms that are often confused are a Last Will and Testament and a Living Will.
While both types of wills are important for ensuring your wishes are honored, they address distinctly different aspects. For Colorado residents, knowing the nuances between these documents is essential for future planning.
What is a Last Will and Testament in Colorado?
A Last Will and Testament is a legal document that serves as your voice after you’re gone, detailing how your property and possessions (estate) will be distributed to your chosen beneficiaries following your death.
Beyond asset distribution, a well-drafted Last Will typically includes a number of important provisions:
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Distribution of Your Estate: Your Will should direct your Personal Representative to distribute your assets to identified people in certain amounts.
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Appointment of a Personal Representative: This individual (often improperly termed an executor) is responsible for managing your estate, paying debts, and distributing assets according to your wishes.
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Guardianship for Minor Children: For parents, your Will allows you to designate who will care for your minor children if you are no longer able. Without this designation, a court will make this deeply personal decision.
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Estate Tax Planning: In some circumstances, your Will can include strategies to minimize potential estate taxes, ensuring more of your legacy passes to your loved ones.
Without a valid Last Will in Colorado, your estate would be subject to state intestacy laws, meaning the state law will dictate how your assets are distributed, which likely will not align with your intentions.
The Role of a Living Will in Colorado Healthcare Decisions
On the other hand, a Living Will is a document that becomes active during your lifetime if you become incapacitated and unable to make your own medical decisions. Also often incorporated into a medical durable power of attorney, this crucial document outlines your preferences regarding life-sustaining procedures.
In Colorado, when creating a Living Will, you must make two primary decisions:
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Terminal Condition Care: In the event you suffer from a terminal injury, disease, or illness, do you wish life-sustaining procedures to be continued? This might include interventions like ventilators or dialysis.
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Nourishment and Hydration: If you choose to discontinue life-sustaining procedures in a terminal condition, a separate decision must be made regarding whether artificial nourishment and hydration should also be continued.
For both of these critical choices, a Colorado Living Will allows for various options. You can choose to have all life-sustaining procedures and artificial nourishment/hydration continued indefinitely, continued only for a specific period, or you can designate a trusted individual (a healthcare agent) to make these difficult decisions on your behalf.
The essence of a Living Will is to empower you to maintain control over your healthcare and prevent the agonizing situation where family members must make life-or-death decisions without clear guidance. It alleviates immense emotional burden from your loved ones during an already difficult time.
While the internet offers various templates for these important, relying on generic forms can lead to significant legal complications. We have witnessed numerous cases where purported online wills and living wills resulted in substantial litigation, confusion, and family disputes.
We Can Help
If you have more questions about drafting a Last Will and Testament or how to get a Living Will in Denver, you’ll want to work with experienced estate planning lawyers. A legal professional ensures your documents are legally sound, reflect your precise wishes, and comply with all Colorado state laws, providing you and your family with true peace of mind.
With decades of experience and a focus on communication, Law One will walk you through all the steps when it comes to estate planning. For a free consultation, call our offices at (303) 831-8313. Our downtown Denver office can be found in the LoDo neighborhood.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered legal advice. Every individual’s situation is unique, and you should consult with an experienced legal professional to discuss your specific estate planning needs.
