Validity of spendthrift provision in a last will and testament [Colorado]

[ramack]

Jurisdiction

Colorado

My wife and I are Colorado residents now and am updating last will and testament documents that had been created for us while we lived in Pennsylvania. These wills have have a spendthrift provision as one of the articles. Are spendthrift provisions contained in wills still valid? This is not a trust spendthrift provision or clause.

All of the web hits I'm finding are spendthrift provisions for trusts not wills, so I'm guessing that these provisions are now for trusts. I'm not setting up any trusts and would like to have directions laid out in my will for simplicity.

Thanks.

 

[Zigner]

My wife and I are Colorado residents now and am updating last will and testament documents that had been created for us while we lived in Pennsylvania. These wills have have a spendthrift provision as one of the articles. Are spendthrift provisions contained in wills still valid? This is not a trust spendthrift provision or clause.

All of the web hits I'm finding are spendthrift provisions for trusts not wills, so I'm guessing that these provisions are now for trusts. I'm not setting up any trusts and would like to have directions laid out in my will for simplicity.

Thanks.

As I mentioned on another forum - you really need to speak to a local attorney for guidance. This is far too important for you to rely on random strangers on the internet.

 

[flyingron]

Once an estate distributes an asset via a will, it's generally very hard to control what happens to it. A spendthrift clause in a will therefore mostly is used to deal with beneficiaries transferring rights to other parties before they are paid out.

A spendthrift trust on the other hand, is used to meter out money to those who for whatever reason shouldn't have access to it all at once.

The question is what the goal here is. There's more to be written on the subject, but I'm not writing treastises in general. As Zig points out, if you want to do things right, it would behoove you to employ an attorney who can look at your situation, the assets, and the beneficiaries and in light of your intent, create the appropraite wills/trusts or whatever.