Helping Families In Colorado Plan Ahead With Trusts
Planning for the future can feel overwhelming when you are thinking about your family, finances and what may happen after you are gone. A trust can give you greater control over how you manage and distribute your assets while helping you clearly communicate your wishes. At Jones Law Office, LLC, we understand that every family has different concerns and goals when creating an estate plan. We can help you explore your options and create a trust-based plan that fits your needs.
What Is A Trust And How Does It Work In Colorado?
Trusts are a type of legal arrangement in which a trustee holds and administers property for beneficiaries under the terms of the trust. The person who creates the trust is the grantor. The trustee manages the trust assets according to its terms. The beneficiaries are the people or organizations who receive benefits from the trust.
Creating a trust can give you greater control over how you manage and distribute your assets. Depending on your goals, a trust may help simplify the transfer of assets, provide privacy and allow someone to manage your property if you become unable to do so yourself. We can help you understand your options and create a plan that reflects your wishes.
Common Types Of Trusts For Colorado Families
Different trusts serve different needs when it comes to estate planning. We can help you determine which option suits your plans best:
- Revocable living trusts: Revocable living trusts allow you to retain control of your assets during your lifetime and, when properly funded by transferring titles, deeds or beneficiary designations into the trust, can allow those assets to pass to beneficiaries without going through probate.
- Irrevocable trusts: These trusts generally cannot be changed or revoked after you create them but may help with certain asset protection or tax planning goals.
- Special needs trusts: These trusts can hold assets for a person with a disability while helping preserve access to certain benefits.
- Charitable trusts: These trusts can support charitable organizations while potentially providing benefits for you or your beneficiaries.
The right type of trust depends on your assets, family circumstances and long-term goals. We can help you evaluate your options and choose a trust that aligns with your overall estate plan.
Trust Administration And Ongoing Management
Establishing a trust is only part of the process. Proper administration and ongoing management can help ensure that your wishes are followed and that the trust operates as intended. We can assist trustees and beneficiaries with legal and administrative matters, including managing trust assets, communicating with beneficiaries and addressing disputes.
Probate may also affect how you handle your estate after your death. Assets properly transferred to a trust can be managed and distributed by a successor trustee without probate court supervision. However, trust assets remain subject to valid debts, taxes and claims, and trustees must properly settle these expenses before final distribution.
However, assets that you do not transfer to the trust may still need to go through probate before you can distribute them. We can review how you hold your assets and help address any trust or probate issues that arise during estate administration.
Why Choose Jones Law Office, LLC, For Trust Planning
Choosing an estate planning attorney is an important decision. At Jones Law Office, LLC, we take time to learn and accommodate your family’s needs, as well as your long-term goals. We provide personalized guidance and help you make informed decisions about your assets and the people you care about.
Whether you need a new trust or want to review an existing estate plan, our team can help you explore your legal options. Contact us at 303-469-2340 or send us an email so we can discuss your trust planning needs and help you make informed decisions. Our lawyers handle a broad range of cases beyond estate planning and probate, including family law, personal injury and criminal law.