Are you married with children from a prior relationship? Do you worry what will happen to your children if you are in a fatal accident? Colorado fortunately allows Contractual Wills which can prohibit a change in beneficiaries after one spouse has passed. Contractual Wills are ideal for married couples who have children from a previous relationship and want to ensure their children are provided for when they pass away. A Contractual Will limits the surviving spouse’s ability to disinherit the children of the spouse who passed away. A Contractual Will is an agreement between two people to devise property according to a common plan by means of a contract that cannot be revoked unless both people agree. A Contractual Will may be revised or revoked by either spouse upon written agreement from both spouses until notice of the first spouse’s death.
Under Colorado law, a Contractual Will is established when the Will states material provisions of the Contract, the Will expressly references the Contract, is signed, and there is evidence proving the terms of the Contract. Joint or mutual wills are insufficient to create a Contractual Will and they do not provide the same type of protection for your children or their potential inheritance, because they can be revoked by either party at will.
Accidents and their consequence can be unavoidable, do not wait until it is too late, protect your family and contact Pearson & Paris to ensure no loved one is left behind.