Trust Attorney Fort Collins, CO
If you’ve just started the estate planning process, you might wonder if you should create a will or trust. While both of these are useful estate planning documents, trusts can offer significantly more benefits for certain people. Here are a few signs that you should establish a trust.
You want to support a family member with a disability
If one of your close family members suffers from a physical or mental disability, you may wish to financially support them after your death. The money you aside for them in your trust can help pay for food, medical expenses and other necessities. Another benefit of creating a special needs trust is that the recipient won’t lose their SSI and Medicaid benefits.
You want to avoid probate
Probate is the legal process in which a will is proved valid in court. However, probate has a reputation for being a costly and time-consuming process. Your heirs may have to wait a while to receive their inheritances. One way to avoid the probate process is to establish a trust. However, you must remember to properly fund the trust. Any assets that are outside the trust may still be subject to probate.
You want more control over asset disbursement
If you wish to have more control over how and when your beneficiaries receive their inheritances, you may want to consult a trust attorney in Fort Collins, CO. For instance, you may want to give one of your children their inheritance while you’re still alive. Likewise, if you have a family member who is irresponsible with money, you might decide intervals at which they will receive their inheritance during their lifetime.
You want privacy
If you value your privacy, you have another good reason to establish a trust. A trust doesn’t have to go through probate like a will does, so it won’t be public record. Therefore, you don’t have to worry about strangers finding out information about your assets and beneficiaries.
You want to control your assets during your lifetime
One of the benefits of having a trust is that you can control the assets in it during your lifetime. If you, for example, become incapacitated during your lifetime, your successor trustee can manage the trusts to your benefit without the court getting involved.
Schedule a consultation with a trust attorney from W.B. Moore, Attorney at Law today.