Establishing Wills & Trusts in Colorado
Wills & Trusts Lawyers in Edwards, Colorado – 970-926-5991
The foundation or backbone of most estate plans is either a will or a trust. Some estate plans even utilize both. When you start making your estate plan, you should consider early on if you will be using a will and/or trust to reach your objectives, protect your assets from taxes, and make things easier for your loved ones after you pass away.
Figuring out the details of your will or trust is easy when you have Heckman & O’Connor P.C. acting as your guide. Our Edwards estate planning attorneys are backed by decades of legal experience. Benefit from our insight and knowledge by retaining our services today.
Learn more about wills, trusts, and estate plans by contacting us now.
Using a Will to Keep Things in the Family
Wills serve a variety of purposes related to the distribution of your assets and the reassignment of your responsibilities after you pass away. You can carefully assign beneficiaries for a property, guardians for dependents, and so forth in a will you create with our Edwards wills attorneys.
On the other hand, if you pass away without a will in place, your estate will be handled according to Colorado’s rules. Under the state’s methods, your estate could be split entirely opposite your intentions, and your loved ones could feel like they are competing against each other. To save your loved one's time, money, and effort, you should create a well-drafted will in order to make sure your estate is distributed according to your wishes. This way, you can preserve your legacy and better set up your family for a comfortable financial future.
Three considerations to include in essentially any will:
- Guardianship assignments for any of your dependents, including dependent adults.
- Asset distribution for vehicles, heirlooms, bank account caches, and more.
- Real property transfers for homes, businesses, and any other real estate you own.
A well-created will helps expedite the probate process, which is the legal interpretation of a will and the distribution of the estate accordingly. Probate cannot always be avoided, but the time and stress of the process can be minimized with foresight and estate planning.
Types of Trusts You May Want to Use
There are a variety of different types of trusts, such as living trusts, charitable trusts, and special needs trusts. The right trust depends on your situation and what you are hoping to accomplish through the creation of a trust. Our lawyers can explain your options and help you make the best decision for your unique situation. No matter the type of trust or trusts your estate plan uses, it can help sidestep probate in some cases.
We can help create a trust that is tailored to your circumstances, including:
- Living Trusts: Also called a revocable trust or family trust, this type of trust will not allow you to avoid estate taxes but does spare the family the delay and expense of probate.
- Charitable Trusts: This type of trust is used to direct assets to a charitable organization.
- Special Needs Trusts: A special needs trust can be used to protect the assets of a beneficiary with physical or mental disabilities while still allowing them to qualify for Medicaid, Supplemental Security Income ("SSI"), and other benefits they may be receiving. Different special needs trusts exist for specific needs.
Using the Right Will or Trust for You & Your Family
Everyone needs a unique estate plan based on their own financial situation. Our Edwards will and trust attorneys of Heckman & O’Connor are here to help you better understand your circumstances to see what should go into your estate plan: a will, trusts, or both. With us by your side, you can be confident that you and your family have a comfortable future ahead.
Schedule a consultation based on your convenience by calling 970-926-5991.