Living Trust Lawyer Fort Collins, CO
If you need help establishing a trust, you should consult a living trust lawyer in Fort Collins, CO, William B. Moore. A lawyer can help you create a valid living trust and answer all of your questions.
Benefits of a Living Trust
A living trust allows you to maintain control over the assets in it during your lifetime. When you die, the successor trustee will distribute the assets to the designated heirs. However, there are other factors to discuss as well. When it comes to the aspects of a living will, they are not always suddenly considered by family members. When a person dies. Rather, a living will is often considered by the loved one who is going to pass away, before they die. A strong example of this would be a man who has cancer, assessing the fact that because he has stage 4 cancer, he does not have much time to live. As such, he may plan to set up a living will, so that family members can get funding, pertaining to goods and services, an inheritance, and more. At the same time though, because aspects of a living will can be rather complex, it is not only important to assess a living trust lawyer, but even before that, one should have a strong understanding, of the ins and outs of a living trust, which is also separate from a probate. Here are the benefits of a living trust:
- Avoid Probate: Probate is the legal process that proves the validity of an estate plan. However, probate is known for being a lengthy and expensive process. Your beneficiaries may have to wait over a year for their inheritances if there’s a probate. That’s one reason why you should consider establishing a living trust. Since your assets are kept in a trust rather than an estate, they can skip the probate process.
- Provide More Control of Distribution of Property: When you have a basic will, your property will be distributed immediately to your beneficiaries after your death. However, if you have a living trust, you can establish a trust within your living trust for a minor beneficiary. This is why it would be important for one that knows they are going to pass on soon, to establish and communicate the fact that they not only want to set up a living trust, but they should also be clear as to who they want the living trust to go to as well. However, one of the most important questions that should be asked about a living trust, is why who is about to pass, would want to set up a living trust, with specific individuals over others. An example of one of the reasons for this could be that if a person who is about to pass, does not have much family, they could pass on a living will to a close friend, as a demonstration, of how much that friend cares for them. Now, as for the age requirements of a living will, once that minor becomes an adult, he or she can receive that property.
- Protect Your Children: Even if your children are adults, they may not be equipped to handle money. For example, if your child has a substance abuse issue, he or she may not be responsible enough to manage money. In this situation, it’s important to have a living trust. The trustee you appoint can hold the money in a trust and distribute it as needed.
- Provide Protection When You’re Alive: If you ever become physically or mentally incapacitated and can no longer manage your assets, you’ll be glad to have a living trust. The successor trustee you appoint can take over. This is one of the major benefits of a living trust, disabilities can play an essential factor in ensuring that when one is incapacitated, they can still pass their finances to others. These finances can be used by friends and family, to pay various expenses, provide for the disabled person when they cannot support themselves, and more.
If you’re ready to create a trust, you should contact William B. Moore, a living trust lawyer in Fort Collins, CO. We provide free consultations after normal business hours and by Zoom.
“I was glad I found Bill as my business attorney. He has more than 30 years of experience in business laws. Most importantly, he is dedicated and honest in his service. You cannot find many business attorneys like Bill. By the way, he is a big guy with a big heart.”
John Nguyen Trinh