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Trusts – Lawyers in Colorado Springs

At The Law Office of Kevin R. Hancock, LLC, we provide education as well as trustworthy legal guidance when it comes to matters relating to trust, probate case, and estate administration. 

What’s a Trust?

A trust is considered the Swiss Army knife for estate planning. It is created if you give your property to another person to manage and hold on behalf of your beneficiary. A removable living trust acts as a legal device to help manage your property when you are alive and to distribute it after you die. It is established by having a written declaration or agreement which appoints a trustee to help administer the transfer of property to the trust. The declaration gives detailed instructions about the property and how it should be managed and eventually disbursed to beneficiaries. 

Features of a Trust

A trust can be complex, varied, and designed to manage other situations. One of the important features with a trust is that it is flexible when it comes to transferring your estate. It can allow the estate to be transferred over time rather than all at once as happens with a will. For example, if you are concerned that your children are going to squander their inheritance, you can hold the property you own in trust until they reach a particular age while also allowing the property to help them with their education, health, maintenance, and support. It is also possible to hold property in trust for the entire lifetime of the beneficiary.

A trust can also include provisions that help keep the property in trust for the beneficiaries while keeping the creditors away including ex-spouses and spouses.

So if you’re worried that the estate you own is going to go to the wrong hands or is not going to your children, you can protect the beneficiaries with a trust. Since creating a trust can be a complex process, you need to seek an attorney experienced in trusts and wills. The Law Office of Kevin R. Hancock, LLC, in Colorado Springs understands the challenges that people face when they want to pass their wealth or property to their children or beneficiaries. We can help you with all matters regarding a trust to ensure that your wishes are fulfilled.

Advantages of  a trust:

Control – When you have established a trust to hold and manage as well as distribute assets, as the owner of the property, you can be specific about the person who manages the assets. You can also provide details about how, to whom, and when distributions should be made.

Efficiency – You find that most trusts are intended to help avoid the probate process. A probate process is common with a will, but with a trust, you can avoid it. When you avoid probate, it helps streamline the inheritance process for your loved ones or family and reduces the expenses as well as time that is needed to administer your estate

Privacy – If you have to take issues of wealth and property distribution to the court, it becomes a public record. A trust, on the other hand, allows the beneficiaries to get their share of assets without going through a probate court. This helps keep your financial matters private.

Protection – One of the most significant advantages of a Trust is the protection it offers against creditors of a beneficiary. In every Trust, we include a “Restriction” or “Spendthrift” clause that says, in essence, the assets in trust, while they remain in trust, are off limits to any and all of the beneficiaries’ creditors.  This is protection of assets you cannot buy or obtain anywhere else.

If you want to review your trust or make one, you should contact us!