Revocable Trust Lawyer Fort Collins, CO
If you’re thinking about establishing a revocable trust, you should consult a revocable trust lawyer in Fort Collins, CO such as W.B. Moore – Attorney at Law. A revocable trust is a common tool for managing one’s assets during your lifetime. A skilled lawyer can help you create a valid trust that clearly states your wishes.
Definition of Revocable Trust
Just like the name suggests, a revocable trust is a trust that is revocable during the grantor’s lifetime. The document allows the grantor to remove assets, alter instructions or terminate the trust.
Benefits of a Revocable Trust
If you’re on the fence on whether you should establish a revocable trust or not, here are a few benefits you should know about:
- Provide Flexibility: One of the biggest advantages to a revocable trust is flexibility. Certain circumstances in your life can change and you want your trust to reflect that. The trust document allows you to change the terms whenever you see fit.
- Avoid Probate Court: Probate is the legal process by which your estate plan is proved valid in court. Unfortunately, however, probate is known for being lengthy and expensive. You don’t want your family members dealing with that after you’re gone. By creating a revocable trust, you can help your family skip the probate process.
- Avoid Conservatorship: If you establish a revocable trust, it will continue to manage your assets if you become mentally or physically incapacitated. The person you appoint as your successor trustee will manage your assets, helping you avoid court.
- Increase Privacy: When you have a standard will, your assets will become public after you die. If you’re a private person, you might not feel comfortable with this.That’s another reason to speak to a revocable trust lawyer in Fort Collins, CO. The assets in a revocable trust will remain private.
- Save Money: While it’s true that it initially costs more to establish a trust than a will, you may save more money in the long run. In addition to saving on probate expenses, a revocable trust can hold up well if someone tries to contest it. This can save money in your estate.
If you have additional questions about creating a revocable trust, you should schedule a consultation with a revocable trust lawyer in Fort Collins, CO. At W.B. Moore Law, we offer free consultations after normal business hours and by Zoom to accommodate your busy schedule.
Why Do I Need a Trust?
Estate planning is important, and a revocable trust lawyer Fort Collins, CO trusts can help you ensure your estate is divided and distributed amongst your family and friends with minimal fuss. Read on to learn more about how a trust can help your loved ones cope with their loss upon your death, and see what happens if you don’t plan out your estate.
What Happens if I don’t Leave Behind a Will or Trust?
Wills and trusts are roadmaps for your family and friends. When you die, you leave behind an estate – no matter how big or small your bank account may be. If you don’t include any instructions for what should be done with your assets, your loved ones will be completely lost about who gets what, and when they should receive anything you’ve left behind for them.
An inheritance without guidelines can lead to frustration, stress, infighting, and endless drama. Assets include everything in your name, such as properties, investments, collections, and even debts. Without a will or a trust, you’re leaving behind a pile of assets that family and friends will fight over – and they will fight over every last cent.
Additionally, if you haven’t named any specific beneficiaries in a will or trust, your belongings will end up in the hands of whoever has the best lawyer. If you have any estranged family members or bitter exes, they might take this opportunity to swoop in and take your assets out of the hands of your children. It’s always best to prepare for the worst with the help of a Fort Collins revocable trust lawyer.
How Can a Revocable Trust Lawyer Help?
Planning for your future is always a good idea, whether you’re retirement-age or just getting out of school. Deciding to create a trust is a good way to ensure your loved ones will remember you, instead of the legal headache you’ve left behind when it’s time to divide up your assets.
While estate planning usually involves deciding between setting up a will or a trust, if you’re set on creating a revocable trust, you’re taking a major step to reducing the hoops your family and friends will have to jump through before they see a cent of their inheritances. Trusts provide important instructions on who gets what, and they’re uncontestable.
Wills can be contested in court – and they also involve probate, which is a lengthy, expensive and painful legal process through which your assets are divided up. Trusts, on the other hand, are a much more streamlined estate planning strategy for you and your family. Trusts don’t involve probate, and because nobody can challenge the contents of a trust, you’re leaving less room for opportunistic legal battles over your belongings.
Get in Touch with William B. Moore Today
Failing to leave behind a will or a trust means failing to protect your family and friends from a legal battle when they should be focusing on grieving and coping with your death. It also means that your loved ones may not see any of the assets you wanted them to enjoy after you’ve passed away.
Thinking about your future – especially thinking about what should happen to your belongings after your death – isn’t particularly cheery, but it’s important to plan ahead to protect your loved ones. Get in touch with W.B. Moor Law today, and see how a Fort Collins revocable trust lawyer can help you plan your future.
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