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.
Why You Can Depend On W.B. Moore Law LLC
When you are in need of a qualified lawyer that you can depend on to assist you with your estate planning and business law needs, you can count on the professional and experienced team at W.B. Moore Law LLC to assist you. Sorting out a legal problem can be a lot to deal with. As a law firm that has helped clients with many types of legal concerns, we are familiar with the strategies and resources that will help you find the best solutions for your estate plan or business.
As dedicated and compassionate legal professionals, we recognize how challenging it can be to start the estate planning process or interpret how complex business laws can impact your goals. We will be there for you through every step and will make sure you are taken care of. Resolving a legal issue can be a hassle, but we will closely work with you so that all of your concerns are acknowledged. Protecting your wealth and business is our priority and we will make sure you get the support that you need every step of the way.
Diverse Practice Experience
Our team has successfully handled many types of cases dealing with estate planning and business law. Attorney W.B. Moore has been practicing law since 1982, and has many years of experience assisting clients on a number of issues. From determining the best ways you can avoid probate to helping you resolve business litigation matters, he has the specialized skills and proven experience to assist you no matter what dilemma you are facing.
The Importance of Having a Valid Will
By having a valid will you can avoid having the disbursal of your assets decided by the laws of intestacy. When a decedent dies without a will the laws of intestacy apply to determine which heirs will receive which portions of the decedent’s assets. If you die without a valid will you will be subject to these arbitrary statutes that can deviate from your wishes. A valid will can inform the probate court of how you wanted your assets distributed after your death.
If you use devices such as a pour over will you can have the assets in your will poured over into a trust to avoid probate administration. Trusts do not go through formal or informal probate administration. These devices can protect you and your loved ones from some of the inconsistencies and problems that may arise with probate administration.
Payable on death accounts are also used to get around formal and informal probate administration. A payable on death account automatically transfers assets or funds to a particular beneficiary named on the payable on death account. These accounts are useful because they can be set up during the decedent’s life and the decedent does not have to do anything else to make sure the heir receives the decedent’s assets.
These devices are available to you and you should speak to a trust attorney in Fort Collins, Colorado who can help you deal with these issues as they arise in your estate planning. When you plan your estate you are protecting yourself and your loved ones from problems that may arise in the future. Will contests are typically one device a party may use to delay the disbursal of assets. By placing your items in a testamentary device that avoids probate administration you can prevent your loved ones from dealing with these problems after you are gone.
A will also needs to be valid. In some jurisdictions holographic wills, or handwritten wills, are not valid and you should not create a holographic will. In other states holographic wills are acceptable as valid wills. You need to consult with a trusted estates lawyer who can help you determine the best course of action to take so you can achieve your estate planning goals.
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