Few people want to spend a significant amount of time thinking about what will happen to their property after they pass away. However, if you do not establish effective planning, then you may unintentionally place hardships on your closest loved ones. As our Windsor, CO revocable trust lawyer knows, tax burdens, complicated laws, and uncertainty over which assets should be transferred to whom can cause challenges and costs. A revocable living trust can put an ease on these potential burdens and ensure that families can grieve without dealing with stressful legal matters. If you would like to get started devising a revocable living trust or another estate plan document, our team at W.B. Moore Law is ready to assist you.
About Revocable Living Trusts
If you need an estate planning solution that helps property get transferred smoothly to beneficiaries after you pass on, then devising a revocable living trust may be right for you. By having this document, you can avoid having your assets going through the court administration process. A trust is a written document that entails clear instructions for the distribution, management, and ownership of your property. If you as the trust maker, also referred to as the grantor, become incapacitated or pass on then the person you appointed will step in to administer your trust. This person you choose is called the successor trustee and must abide by your instructions. When a living trust is revocable, it means that the grantor can amend the trust at any time when circumstances change or life events happen.
What Happens Without A Living Trust
It is important to understand what could happen if you do not have a living trust. Revocable living trusts offer significant protection for people and their families in the event of their incapacitation or when they pass on. Based on Colorado estate law, property that may usually go into probate after death can be prevented if you have a legally-binding revocable living trust. As our dedicated revocable living trust attorney explains, a carefully crafted document helps circumnavigate the probate process, allowing your assets to be distributed to beneficiaries faster and privately. Probate can be a prolonged and expensive process that can cause added stress for loved ones.
W.B. Moore Law
When establishing your revocable living trust, consider who you want to inherit certain property, who you would choose as your successor trustee, and who you want as your beneficiaries to inherit a portion of your assets after death. Our team at W.B. Moore Law is glad to help you through drafting an estate plan so that you can feel at ease about what will happen in the future. With a revocable living trust, you can alter it as you wish as life goes on. This is often one of the most appealing aspects of having a living trust that is revocable. To know which estate planning tools will best serve you, consider contacting our Windsor revocable living trust attorney for further assistance. We are ready to hear from you!