Identifying The Best Approach To The Distribution Of Your Assets
Wills and trusts are the estate planning tools used most often to control the distribution of a person’s assets after his or her death. Wills have long been a cornerstone of estate planning, and trusts have become increasingly popular as a more flexible and private alternative.
When adopting a will or trust, it is always best to work with an experienced lawyer to ensure that your estate plan is appropriate to your individual goals. I am Randy L. Williams, a Loveland wills and trusts attorney, and I assist clients throughout northern Colorado with these issues.
Understanding How Wills And Trusts Work In Colorado
A will is a document that states how you want the probate court to distribute your assets to your family members and other beneficiaries upon your death. Your will can also name guardians for your minor children and express your wishes regarding funeral arrangements.
A trust is a mechanism that can be used to distribute your assets outside of the public probate court system by placing them under the control of an appointed trustee.
There are a number of different types of trusts that can be used for estate planning purposes, including revocable living trusts, which are created while their grantors are still alive, and contingent trusts, which do not spring into existence until their grantors have died.
There are also a great many myths about what can be done with trusts. Not everyone needs a trust, and not every estate planning goal can be accomplished with a trust. It is important to consult with a lawyer before taking on the expense of creating and maintaining a trust.
Start Preparing Today
To discuss your estate planning options, please contact my office at 970-744-4974 or by email to schedule a consultation. I can help you determine what type of will and trust arrangement is best for you and draft the appropriate documents to meet your needs.