What Happens If You Die Without A Will In Colorado?

In this article, you can discover…

• Who inherits your assets if you die without a will.
• What becomes of your debts after you pass away without a will.
• How an attorney can help you avoid these pitfalls and plan meaningfully for the future.

Who Inherits Your Property If You Die Without A Will In Colorado?

If you pass away without a will in Colorado, the state has established laws that determine how your property is distributed among your family members. The order of inheritance generally follows this sequence:

1. First, your property would go to your children.
2. If you have no children, it would go to your parents.
3. If your parents are no longer living, the inheritance would go to your grandparents, if they are still alive.
4. If there are no living parents or grandparents, your property would go to your parents’ siblings.
5. If your parents’ siblings have also passed away, the inheritance would go to their children—your first cousins.
6. If your first cousins are no longer alive, your assets would be passed down to their children.

Who Inherits Your Estate If You Have No Surviving Relatives?

In very rare cases, you may have no living relatives at all, near or distant. If this is the case, your assets are held by the state treasurer. Your estate would be subject to claim if a long-lost relative someday appears and says, “That was my great-great-aunt, and I’m entitled to that money.” If no relatives ever appear, the state treasurer holds your assets.

What Happens To Your Debts If You Die Without A Will?

If you die without a will, your creditors have a claim against your estate. If there are sufficient assets in the estate to pay the creditors, then the creditors get paid.

If there are not enough assets to pay all of them, then each of them might get a percentage of what their claim is worth. While they would wind up with 50% or more of their claim amount, more often than not they wind up with 10% or less.

Attorney Donald Janklow is a hard-working estate planning attorney serving Colorado. For over 50 years, he’s helped clients just like you ensure their wishes are respected and their assets left to the people and causes they value most.

Have questions about estate planning? Reach out to Donald Janklow Attorney At Law at (970) 353-4000 for an initial consultation today.

What Are The Implications For Your Minor Children If You Die Without A Will?

If you die without a will and have minor children, the court would then appoint a guardian for your children’s personal care and a conservator for your children’s money and finances.

The people appointed by the court may not be to your liking, may not share your values, or may not be ideal for your children.

For these reasons, it’s best to appoint a trusted guardian over your children in your estate plans.

How Can Not Having A Will Lead To Family Disputes?

Family disputes are likely if you don’t leave a will. It is much, much better for you to spell out how you want your assets divided than leave your family to guess and argue over property, vehicles, or items of strong sentimental value.

Family members may insist that a particular asset was promised to them verbally, but without a document to back this up, resolution can be an uphill battle.

These disputes can severely damage or ruin family relationships. Putting your wishes in writing through legally sound estate documents saves your family this in-fighting and allows them to move on after your death with less conflict.

How Can An Attorney Help You Set Up A Will To Help You Avoid All Of These Pitfalls?

Discuss your wishes, goals, and priorities with an estate planning attorney. They can help you draft careful, binding, and tailored estate documents to reflect your unique circumstances, values, and concerns and ensure your assets wind up where you want them to.

Still Have Questions? Ready To Get Started?

For more information on What Happens If You Die Without A Will In Colorado, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (970) 353-4000 today.