Using Wills And Trusts To Secure Your Family’s Future
You have worked hard. You saved and built a life for your family. But what will happen to everything you have built after you are gone? With advanced planning, you can secure your estate and make sure your assets are distributed to the people and places you wish in the manner that makes the most sense for you and your family. An experienced estate planning attorney can help you get there.
At Pearman Law Firm, P.C., we understand how important it is to take care of your family and plan for the future. Our lead attorney has been helping Colorado families handle their legal issues for over 30 years. We offer personalized service in an approachable way. We want you to feel comfortable from the moment you walk into our office.
What Is The Purpose Of A Will?
A will allows you to decide what happens with your assets after you die. There are many situations where a will can be particularly helpful. For example, if you have minor children, you are in a second marriage or you want to give money to charity, a will can help navigate tricky legal hurdles. Anytime you want to be in charge of your estate, you should consider a will. If you are not sure how you want your estate handled, talk to one of our attorneys today to discuss your options. Until you truly understand how different estate planning tools work, you cannot make an informed decision about your future.
Understanding How A Colorado Trust Works
A trust is a document signed by the grantor, or creator, of the trust, which creates a separate legal entity, sort of like a business. The trust names a trustee, a person or professional group, to oversee and administer the trust. The trust document states how the trust should operate, who should benefit from the trust (beneficiaries) and when the trust should come to an end. The assets you put into a trust do not need to go through probate because you no longer own those assets, the trust does.
Colorado allows for many different types of trusts, each with its own specific purpose. Some people use trusts instead of a will to distribute assets. Other people use them in conjunction with a will. Common trusts include:
- Living trust – As the name implies, you establish a living trust while you are still alive. They can be revocable, meaning the grantor can alter it after its creation, or irrevocable, meaning the grantor cannot change it.
- Testamentary trust – This trust is created by your will and goes into effect after you die.
- Charitable remainder trust – These trusts distribute money to beneficiaries for a set time, then give the remainder to charity.
These are only a few examples out of many. We will take the time to explain how a particular trust could help you reach your estate planning goals.
Talk With A Denver Metro Area Estate Planning Attorney
Our attorneys are ready to help you draft the estate planning documents that will achieve your personal goals. Contact us for a free initial phone conference by calling our Wheat Ridge office at 720-259-9528 or filling out our online form.