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 living trusts:
- 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 your wishes.
- 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. Contact us today.