Legal Question in Wills and Trusts in Colorado
Wills
I have a friend who is dying of cancer and wants to change her beneficeary or parts of her will.Can she put in writing the changes she wants and have them notarized and it be a legal document that will override the previous will. This would include life insurance policies and any monies that she has in accounts.
1 Answer from Attorneys
Re: Wills
Sorry to hear about the illness.
A change to a valid Colorado will must be done with the same formality as the will. In Colorado that means that it must be in writing, have two witnesses to affirm that the party is of sound mind and it is then notarized.
You friend is strongly advised not to try to just write something down in the hope that this sufficient. Make sure this is done appropriately. This is not the time to try to save a rather small amount of money by guessing instead of talking to a professional
Finally, it would make sense for her to talk to an estate attorney to review her entire estate plan while she has testimentary capacity. This should include the medical and financial powers of attorney, final disposition and a living will.
Depending on her assets, it may make sense to consider a funded revocable trust to avoid probate costs. Whether this makes sense depends on her specific circumstances.