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Why You Need a Will (Even If You Have a Trust)

Posted by Dave Rich | Aug 20, 2014 | 0 Comments

Have you taken the time to prepare a living trust? Do you also have a will prepared? If you do not have both a living trust and a will, we advise you retain the counsel of an experienced estate planning lawyer. Having a living trust without a will can leave your estate vulnerable. There is always the possibility that property you own will not be able to get transferred into your living trust before you die. Any property not covered under the terms of the trust will be subject to probate. Unless you have laid out specific instructions in your will as to how you want such property distributed after your death, the probate court will have no other option but to distribute it according to interstate succession laws.

In addition to protecting property, a will can help you accomplish other end of life goals as well. If you have children, you want to be able to choose who will become your children's guardian once you and your children's other parent pass away. This is not something you want to leave up to the court or some other party to determine. Guardianship for your children can be expressly laid out in your will. A will also gives you a way to forgive any debts or money others owe to you. This can be extremely important, as any outstanding debts can be aggressively pursued by your trustee and beneficiaries to add to the value of your estate.

If you need help preparing a will or any other estate planning document, Flatiron Legal Advisors, LLC is ready to assist. We are happy to have a Boulder estate planning lawyer review your existing estate plan and advise you of the services you need to fully protect your estate. We offer a free initial consultation so you can seek legal advice without worry. Our firm is committed to providing clients with high-quality legal representation. We want you to take comfort in knowing we are here to give you the support you need.

Call us right away to find out what we can do for you.

About the Author

Dave Rich

Education Dave grew up in Denver and received a B.A. in English Literature from the University of Colorado at Boulder and his J.D. from the University of Colorado School of Law. Dave Rich is a business owner turned attorney. As a former business owner, Mr. Rich has a unique perspective on legal...

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Flatiron Legal Advisors, LLC is committed to answering your questions about Estate, Probate, Divorce, LLC Formation, Estate Administration and Trusts law issues in Boulder and Denver. We offer a free consultation and we'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.

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