Part of estate planning in Arvada and Wheat Ridge is creating a will. When a loved one passes away, sometimes the terms in their will are surprising and cause people to question whether a mistake was made. Others may encourage you to take action (i.e. contest the will), but you should know what you are getting yourself into before making that decision. Here are some of the major issues that could become your reality if you choose to contest a will in Jefferson County or across Colorado.
Issues with Contesting a Will in Golden, Colorado
Contesting a Will is Expensive
The process for contesting a will can be time consuming and the more time it takes, the more money you will be paying. Usually, attorneys will require that you pay a retainer and they will bill any time they spend on the case against that initial retainer. As funds deplete, you will be expected to replenish the retainer and keep money in the account. Because there is no guarantee about the amount of time this endeavor could take, you may be investing a lot of money into contesting the will.
Contesting a Will Could Create Relational Issues with Your Family
Making claims that you are not okay with the way a will was executed can cause a big rift with family members. It may be that some of those family members stand to lose some money because of your claim. Or, it could just be that some don’t want to drag out the process by going through probate and contesting the will. This will keep others from receiving their inheritance. Make sure you are prepared to deal with these family issues should you choose to pursue contesting a will.
You Could Lose Everything
Some wills have a ‘no-contest’ clause. This clause provides that if someone contests the will and loses, they will receive nothing. For example, say that you are set to inherit $10,000 of your aunt’s estate, but you think you should also get some of the value of the home. If your aunt’s will has a no contest clause, you choose to contest the will and you lose, you not only lose out on what you felt entitled to with the house, but also the $10,000. It’s a risk that should be seriously considered before moving forward.