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Trusts

A trust is the Swiss Army knife of estate planning. In its most basic form, a trust is created when you give property to another person to hold and manage on behalf of a beneficiary (i.e. a single edged knife). But, a trust can also be varied, complex and designed to manage a multitude of situations (i.e. a knife, scissors, toothpick, corkscrew, file, blowtorch, hand grenade, etc.).Trust Lawyers Colorado Springs

 

Are you concerned about your children squandering their inheritance? One of the primary features of a trust is flexibility in transferring your estate over time as opposed to all at once, which is generally what happens under a will. For example, you can hold your property in trust for minor children until they reach a certain age or ages all the while allowing the property to be used for their benefit for health, education, maintenance or support. Or, you can hold property in trust for a beneficiary’s lifetime.

 

Are worried that your estate will go not to your child but to his/her creditors? Or, perhaps, you are concerned that your child’s inheritance will ultimately end up with their spouse? A trust can include provisions to keep your property in trust for your beneficiaries but keep their creditors at bay, including spouses and/or ex-spouses.

 

Do you have a disabled child or beneficiary who is eligible to receive or is receiving public benefits? A trust can be designed specifically for you and your beneficiary’s situation to ensure that your child/beneficiary will receive the benefit of your property without disrupting receipt or eligibility for public benefits.

 

Other features and benefits of a trust include:

  • Control – When you establish a trust to manage and distribute assets, you can be very specific about who manages the assets, as well as how, when and to whom distributions are made.
  • Efficiency – Most trusts are set up and designed to avoid the probate process, which is inherent with a will. Avoiding probate streamlines the process of inheritance for your family and loved ones and minimizes the expense and time required to administer your estate.
  • Privacy – What happens in probate court is a matter of public record. However, a trust allows assets to pass to beneficiaries outside of probate court, keeping your financial matters private.

 

Given the myriad variety of options and uses of trusts, you should not go it alone. You need the expertise, counsel and guidance of an attorney, and BlueSage Law is ready to help you. Also, a trust is not the right estate plan for everyone, so Kevin R. Hancock will evaluate your current financial situation, your personal preferences, your family structure and your likely future assets to help you determine if a trust is right for you. Whether you have a trust and need it reviewed or if you want to find out how a trust can help you take better care of those you love most, call BlueSage Law today to schedule your appointment.

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