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Trust Lawyer in Centennial CO

Secure Your Legacy With a Trust Attorney in Centennial, CO

Estate planning is a process that many find uncomfortable to consider. When you want to take a hands-on approach to your mortality and secure your legacy for your family’s future, a trusts lawyer can guide you.

A trust is a relationship in which a third party holds properties or assets for the benefit of another. The trust is created by a settlor who transfers some or all of their properties to a trust managed by a trustee to benefit the designated beneficiaries.

You can put different kinds of assets in a trust. It could be cash, land, shares, or other property. Your trust can also include public limited companies, which are closed-end funds. The trust is protected by trust law which comprises all the laws for creating and implementing trusts. Trusts are fiduciary relationships, and these laws ensure that your trustees do not exploit your beneficiaries. 

Setting up a trust fund and ensuring the legality of your trust deed (a document indicating the trust conditions) can be complex. Many people use a trust lawyer’s services to set up their trusts. At Duncan Legal, you can find a Colorado trust attorney with extensive estate planning experience to guide you through the estate planning process.

Types of Trust

There are two main types of trust: a revocable trust and an irrevocable trust. Each has numerous variations that serve different purposes. Depending on the circumstances, you may need to combine these trust types to achieve the desired results.

Speaking with a trust attorney in Centennial, CO, can provide valuable information to help you decide on your estate planning steps.

Getting started with estate planning can be a challenging process, but Duncan Legal can provide you with guidance and smoothen the process.

There are two main types of trust: a revocable trust and an irrevocable trust. Each has numerous variations that serve different purposes. Depending on the circumstances, you may need to combine these trust types to achieve the desired results.

Speaking with a trust attorney in Centennial, CO, can provide valuable information to help you decide on your estate planning steps.

Getting started with estate planning can be a challenging process, but Duncan Legal can provide you with guidance and smoothen the process.

Revocable or Irrevocable Trust

An irrevocable trust cannot be altered. However, the trustor can change or terminate revocable trusts during their lifetime. You can change different aspects of your trust agreement whenever you wish.

Living or Testamentary Trust

A living trust, also known as a living will, is created during the settlor’s lifetime to determine their estate management. Living wills can be revocable or irrevocable.

But testamentary trusts specify how the settlor’s assets will be designated after death. They are also known as will trusts. These trusts are irrevocable and usually consist of assets from the trustor’s possession.

Funded or Unfunded Trust

You can also decide whether to fund or not fund your trust. An unfunded trust agreement might expose you to issues that a funded trust will generally allow you to avoid.

You might need diligent trust representation to ensure your assets are distributed according to your wishes. You can start talking to a local Centennial trust attorney about the type of trust that will fit your estate and finances best.

When Should You Set Up a Trust?

You might think your estate is too small and wonder if a trust is essential to your estate plans. Although not everyone may need a trust agreement in their lifetime, there are situations in which you should consider them.

Knowledgeable attorneys from a professional law firm in Centennial, Colorado, with experience handling trusts cases, might recommend them for the following:

  • You have a child with special needs

  • Your net worth is close to the estate tax exemption

  • You need more flexibility than a will in managing your assets at your demise

  • You don’t want your financial assets to become public information

  • You want your beneficiaries to avoid probate

Having a living trust can help you protect your family in these situations. You can choose at what age your child will get your assets and any other legal issue pertaining to your trust. Licensed Colorado lawyers in related practice areas can help you plan your estate.

The Benefits of Creating Trusts

Many people create a will specifying what they want to happen to their possessions after their passing, but not many know of the numerous benefits of having a trust. Whether you have a will or not, there are several benefits. 

Avoid the Probate Process

With a will, your assets will have to go through probate for verification before the distribution according to your wishes. Your assets will become public records, and this process can take a long time. However, establishing a trust can help you avoid the process entirely. 

Trust agreements are private, and only the trust’s attorney and trustee are required to distribute the assets as stated in the trust. With a trust, your beneficiaries do not have to go through a long, expensive process before getting the assets you leave to them. You can even state that all assets not in a pre-existing trust be transferred to one when you pass on. 

Enjoy Tax Benefits

When a settlor places property into a trust, they separate its legal ownership and control from its equitable ownership and benefits. This separation can lead to certain tax benefits depending on the kind of trust agreement. 

For instance, with an irrevocable trust agreement, you can be sheltered from all estate tax for that property. Note that you might have to meet gift tax requirements for contributions to the trust.

You can also make an annual exclusion gift contribution to the trust without having to pay an additional gift tax. A Centennial trust lawyer can help you decide which trust type is right for your family. 

Plan Your Estate 

Trusts may be created for estate planning purposes or Medicaid planning purposes. It can come in handy when you have a personal injury or illness. Testamentary trusts are frequently created in wills defining how money and property will be handled for the benefit of minor children upon the creator’s death. Also, you can decide how much your beneficiaries receive each year. 

Whatever your family needs, you can remain in control of what is done with your assets during your lifetime and even after you pass on without having to enforce it yourself.

Before crafting your trust agreement, your trust attorney can walk you through the different possibilities. Proper trust administration will ensure that your estate is maximized to the fullest.

Choose Your Trustee

With a trust, you can choose the person in charge of fiduciary duties when you pass on or retire. The trustee is obligated to act for the beneficiaries’ good according to the trustor’s wishes. 

The trustee may be an individual, a business, or a public body, and there may be a single trustee or multiple co-trustees.

How Can a Centennial, CO, Trust Lawyer Help?

There are several ways that a trust lawyer can help with trust administration. With their understanding of trust and elder law, they help clients draft trust agreements that guard their assets against suits and estate taxes. They will prepare the trust agreement and will for your estate according to your specifications. So, prepare to answer several questions that will allow your attorney to understand what you and your family need. 

Choosing a trustee for your Colorado estate planning is a huge responsibility. Your trust attorney may have some recommendations for you. In some cases, your trust lawyer can also be your trustee. 

Your trusts attorney will be able to explain all the requirements for your trust. You can discuss your legal issues regarding trusts and other related practice areas during your consultation. 

Choose a Reliable Attorney

Let Duncan Legal help you determine which type of trust is right for your goals and needs and guide you through the creation and execution of your trusts.

Our law office is always ready to help. We have been serving Centennial, CO, and surrounding areas for years. Contact us today for diligent trusts representation.

Flat-fee options are available for wills, trusts and probate:

(720) 263-0706