Living Trust FAQs
Ask Our Boulder Trusts Lawyer
Are you in need of
estate planning? Have you weighed the various estate planning options available to you?
If you are interested in planning for your future, there are many tools
that can be used to help you protect your assets and see that your heirs
receive their portion of your estate as you intend. To assist you in the
decision making process, here are answers to some of the most frequently
asked questions about
What is a living trust?
A living trust is a legal document and arrangement made for the purpose
of protecting assets and property for the benefit of another. A living
trust is created while an individual is still alive. Property and assets
can be transferred into a living trust to protect them and allow them
to be distributed according to your specific terms upon your death. Property
in a living trust will not have to go through the probate process.
If I set up a living trust, do I also need a will?
Setting up a living trust does not negate the need for a will. A will can
help protect any property not included in the living trust, as well as
address other specific issues. Guardianship cannot be laid out in a living
trust, but it can be clearly named in a person's will.
Can a living trust be used to minimize estate taxes?
Federal estate taxes will not be assessed on any estate valued at less
than $5 million dollars. While estate taxes at the state level may be
assessed, there are certain types of living trusts that can significantly
increase the amount of protection you would eligible to receive.
Will the terms of a living trust be make public, like those in a will?
The terms of an individual's will are only made a matter of public
record when the will is submitted to probate. Living trusts do not require
probate, so will not have to be made public.
Can I act as the trustee to my own living trust?
As long as you are mentally competent and capable of handling your own
affairs, you will be able to act as the trustee to your own living trust.
Married couples can act as joint trustees if they so wish. After your
death, the trustee of your living trust will be appointed according to
Will I be able to access my assets once I have transferred them to my living trust?
If you are the trustee on your living trust, you will be able to access
and manage your assets however you would like. Assets in a living trust
can be handled in the exact way assets are handled prior to be transferred
to the living trust. These are your assets.
There are many facets to estate planning. If you are interested in preparing
a living trust or finding out more about the estate planning tools available
to you, we advise you
contact our firm and schedule to meet with a Boulder estate planning attorney. We have
years of legal experience and are well qualified to address all of your
estate planning needs. We take a tailored approach to estate planning.
We will listen to your concerns, help you determine your overall objectives,
assess your current financial situation and advise you on how to proceed.
We take our goal of helping you achieve the most optimal results very
seriously and will stop at nothing to help you protect your interests.