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Trust Attorneys in Longmont & Thornton
Trusts are unique devices that allow you to plan for your future in highly customizable ways. Trusts are best known because they are will substitutes that allow you to avoid probate. But this is only one of the numerous advantages to trusts.
At Althaus Law, we can explain how a trust would fit into your estate plan and if one is appropriate to have in your situation.
Guidance Through All Types of Trusts & Trust Planning in Colorado Denver & Surrounding Areas
Our attorneys have experience drafting trust agreements to meet any type of need that you have. From testamentary trusts to living (intervivos) trust documents, we can help you.
There are many types of trusts that are legal in Colorado, including:
- Living trusts (revocable trusts and irrevocable trusts)
- Credit shelter trusts (also called family trusts or bypass trusts)
- Generation-skipping trusts or dynasty trusts
- Irrevocable life insurance trusts
- Qualified personal residence trusts (QPRT)
- Qualified terminable interest property trust (QTIP)
- Special needs trusts
- Charitable trusts (there are many kinds)
- Pet trusts (also known as honorary trusts)
- Gun trusts
The main requirements for a trust in Colorado include the intention to create a trust relationship, ascertainable beneficiaries, and identifiable property (called the res). Forming a trust is actually quite easy but having a trust that will hold up in court and not be challenged is an entirely different story. Unfortunately, many people create trusts without even knowing it, creating legal obligations on fiduciaries that they may not have intended.
We can help you with creating a trust. It’s a pretty simple process:
- Sit down with one of our attorneys 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
If you have questions regarding a trust, do not hesitate to consult with our experienced trust lawyers in Longmont and Thornton to ensure your wishes are carried out and enforceable.
Do I Need a Trust?
Trusts can come in handy in many situations, but they aren’t for everyone. If you own property in different states, a trust can avoid court in all those states. They can also help protect and plan for the future of your minor children.
How Can a Trust Help Me?
Trusts can help in a variety of ways. First, they can help you to keep your family out of court. Second, they can simplify everything when you are gone so your things get where you want them to go quickly and easily. Finally, you can create rules for distributions that let you control how and when your beneficiaries will inherit.
If you don’t have a plan when you pass, things can end up going through months of court, cost thousands of dollars in attorneys’ fees, and end up causing fights between family members. We can help you put a plan in place to stop all of that from happening.
When Do I Need a Trust?
There are many reasons to create a trust, like avoiding probate and protecting your children’s inheritance.
The 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 (for example, 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 most common scenarios for utilizing a trust over a will.
Make an appointment to meet with our lawyers at 720-547-2319.