What does a Will do?
A will can accomplish multiple purposes:
- The most common purpose of a will is to designate who will inherit the testator's assets after death. A person who is designated to receive an inheritance ("devise") from a testator in a will is called a devisee.
- A testator can also nominate someone in his will to serve as his personal representative. A personal representative in Colorado is known as an exeecutor in other states. A personal representative is the individual or entity who administers the estate of the person whoe died. ("decedent") after his death, pays debts of the decedent, and completes the decedent's wishes for distribution of his assets to his devisees or heirs.
- A will can nominate someone to be a guardian for the testator's minor or disabled child.
- Drafting a will includes consideration of applicable taxes after your death. You should consult with an attorney or tax professional if you have questions about taxes.
(This is not inteded to be legal advice and is only informational)