Differences in Wills and Trusts in Colorado
Many people ask us “how are a will and a trust different from each other?” it’s a very good question that many people don’t know the answer to. First off, both are estate planning documents that can help you plan for the future and safeguard your assets. Further, both can help you protect your finances and your family.
However, there are major differences in wills and trusts that may make one a better decision for you. Find out if a will or a trust is better for you today. Our lawyers are more than happy to answer any questions you have in a free planning session.
What is the Main Difference Between a Will and a Trust?
The major difference in a will and a trust is that wills go into action once you die. Trusts, on the other hand, can start working for you immediately while you are still alive. Pretty nifty, huh?
So why ever use a will? The short and sweet answer is that they are cheaper and not everyone needs the flexibility of a trust.
Trusts are used to avoid paying estate taxes in many situations. But more often, trusts are used to control how money will be distributed out to minor children or children with drug and/or alcohol abuse problems.
If you do not have minor children, a will may be all you need. Don’t let someone else sell you on more than can actually benefit you. Speak to an attorney at Althaus Law for straightforward and honest advice regarding your estate planning needs.
Looking for More Answers? Contact our Colorado Firm.
Give Jeff Althaus a call or contact the law firm online to learn more about all of your options regarding your estate plan. Your initial planning session is free of charge. Jeff travels to clients in the Denver and Thornton areas for their convenience.