Often, couples who come in ready to create their estate plan want to make sure that their spouse is protected and will be taken care of if something should happen to the other. This is especially a concern for the spouse who is the main breadwinner for the home. People want their spouse to have immediate access to the assets and not have to go through the probate process. One way to avoid probate and allow your spouse access to assets right away should one spouse become incapacitated or pass away is to create revocable trusts.
Revocable Trusts in Arvada: Setting Up Trusts and Dividing Assets
Each spouse would have a revocable trust in their name and the marital property should be equally divided between the two. Bank accounts, property and real estate, mutual funds, stocks and bonds and business interests can all be divided into the trusts. Both spouses will sign documents that will transfer property to their trust, to avoid any potential challenges. Life insurance policies and retirement plans will not be put into the revocable trusts. This is because they are the type of accounts that name a beneficiary (your spouse) and do not need to go through probate.
How a Trust and Estate Planning Attorney in Wheat Ridge Can Help
Setting up trusts can be a tricky endeavor. You want to make sure to contact an experienced trust and estate planning attorney to review all your assets, help you equally divide them, and then put them into the trusts so that you and your spouse won’t have to deal with any probate headaches. Your estate planning attorney can also make sure that any complex situations are handled correctly and legally to avoid any challenges down the line.