What Is a Trust?
Information about trusts is often misleading. A trust is, like a will, a stack of papers where you say where assets will go. However, a trust is actually an entity that you create and it can own property and assets. Trusts are great tools to avoid probate, protect your beneficiaries from themselves, and create rules for distributions. Some attorneys may inaccurately tell you everyone needs a trust; whether you need a trust is based on your situation, your goals, and your concerns.
Set up an appointment to chat with one of our attorneys serving Colorado Springs and Monument areas to discuss if a trust makes sense for you.
When Do I Need a Trust?
There are many reasons to create a trust, like avoiding probate and protecting your children’s inheritance. The three main times we recommend a trust are:
- If you are leaving money to minors
- If you own multiple properties, especially if you own properties in different states
- If you are concerned about your beneficiaries receiving money outright
- Beneficiaries with addiction problems
- Beneficiaries who are not minors, but are still young
- Beneficiaries who are not good with money
Keep in mind, this is not an exhaustive list, but are the three most common scenarios for utilizing a trust over a will.
How Do I Create a Trust?
We can help you with creating a trust. It’s a pretty simple process:
- Sit down with one of our attorneys in a free consult to discuss your goals and concerns
- Attend a planning meeting to hammer out the details and rules of your trust
- Sign the trust and additional documents and know you are leaving a meaningful legacy
Make an appointment to meet with our lawyers who serve the Colorado Springs and Monument areas. You can also call us at 719-249-2785.