If you have not considered a revocable living trust for your Colorado estate, now may be a good time. Many people are well aware of who they plan to pass their estate and assets on to when they die. If that is the case with you, a living trust might make things easier for both you and your heirs.
While most people think about their children and heirs when it comes to estate planning, pets often get left to anyone who will take them. This does not always fair well for someone's cherished companion. Many pets have known only one caretaker all of their lives and just like humans, they are going to experience a deep sense of loss.
What do you do when a charitable trust outlives it's stated purpose or terms? In some cases, it may be necessary to dissolve the trust.
You might think of a philanthropist as an extremely wealthy individual who holds a great deal of power, but that's not necessarily true. Anyone can contribute philanthropically to causes they care about, and that includes you. One great method of giving back is to establish a charitable trust in your estate plan.
Even though you may not have many assets to leave to your minor children, it is essential to their future that you create a will so that they are taken care of if you die while they are young. The team at The Hughes Law Firm often helps parents to protect their children's welfare with a wide range of estate planning tools.
If you are one of the many Colorado residents who has made creating an estate plan a priority for you, you should feel very proud of yourself for taking this step. A good estate plan can give you and your family a great deal of peace of mind. It also gives you the ability to be more in control of your life and your assets. If you are considering a trust, you'll want to understand the different options so you can select the right one for you.
In our last post, we examined some of the time- and cost-saving benefits of a living revocable trust. However, if the revocable trust is not funded properly, the trust documentation will be of no more value than blank pieces of paper.
A living revocable trust is an increasingly popular option for two reasons: (1) It avoids the unnecessary time, delay and costs associated with probate; and (2) The creator retains complete control.