Collet system for rotary tools

1. A collet system for a rotary tool, comprising:

a collet for receiving a bit; a wrench assembly for engaging the collet, the wrench assembly moving along an axis extending axially through the collet between a first position where the wrench assembly is disengaged from the collet and a second position where the wrench assembly is engaged with the collet;

an adjusting collar coupled to the wrench assembly for moving the wrench assembly between the first position and the second position, wherein upon moving the wrench assembly to the second position, the adjusting collar is rotatable for rotating the wrench assembly to tighten and loosen the collet; and

a depth shoe for setting an entry depth for the bit, wherein the depth shoe is rotatable by rotating the adjusting collar when the adjusting collar is positioned between the first and second positions.

2. A collet system as claimed in claim 1 , further comprising a spring assembly for biasing the adjusting collar toward the first position.

3. A collet system as claimed in claim 2 , further comprising a retaining ring coupled with the adjusting collar for retaining the spring assembly.

4. A collet system as claimed in claim 1 , wherein the collet has a shaped head and the wrench assembly has an aperture correspondingly shaped to engage with the shaped head.

5. A collet system as claimed in claim 1 , wherein the collet has a hexagonal-shaped head and the wrench assembly has an aperture correspondingly shaped to engage with the hexagonal-shaped head.

6. A collet system as claimed in claim 1 , wherein the adjusting collar includes detents for locking the adjusting collar when the adjusting collar is in a first position.

7. A collet system as claimed in claim 1 , wherein the depth shoe includes a shoe clamp for adjustably setting an entry depth for the bit.