When you are delving into the often complex world of estate planning, you may be wondering whether you should be setting up living trusts. And if living trusts are a good fit for you, do you even need to craft a will?
These questions and more can be discussed when you get help from an experienced Arvada living trusts lawyer at Colorado Estate Matters, Ltd. We can start working on your living trust and other estate plans when you call us at (303) 713-9147 to schedule a free consultation.
Can Colorado Estate Matters, Ltd. Help With Your Living Trusts in Arvada?
Setting up your living trusts is a big responsibility. Here is how you know you have made the right choice in choosing Colorado Estate Matters, Ltd.:
Our office provides virtual consultations upon request.
Consultations are always prompt and free.
Our attorneys have more than 20 years of legal experience.
Colorado Estate Matters, Ltd. is committed to offering clients open, transparent communication.
We provide options that are tailored to our clients’ specific needs, situations and wishes.
What Is a Living Trust?
Living trusts sound much more complicated than they are. Living trusts are just trust that you create while you are still living. Here, you have the opportunity to name your successor trustee who will be entrusted with the property or assets contained in the living trust when you pass away.
Living trusts are a great option for families who are hoping to avoid having to put their estate through probate. By having the property or assets transferred to the successor trustee instead of having them passed down in a will, you may be able to save your family the time and hassle of having to go through probate.
Who Needs Living Trusts in Arvada?
Colorado is one of only a few states that try to streamline the probate process. Although going through probate may be faster when a loved one passes away in Colorado, that does not mean that it will be any less burdensome.
You might be able to avoid having to set up a living trust if your estate is considered small. In order for an estate to be considered small under Colorado law, your estate must be worth less than the total value of:
Funeral costs
Certain medical expenses
Family allowance
Personal property held by the decedent as a trustee or beneficiary
Exempt property allowance
It should be noted that certain types of property, including pay-on-death accounts are not included in the valuation process. This is because they are exempt from having to go through probate in the first place.
Skipping probate may also be an option for your family if the total assets contained in your estate are valued at less than $70,000. You can expect this amount to be adjusted annually for inflation. If you believe that skipping probate could be an option for your family, contact our office to find out whether you qualify.
Get Help From an Arvada Living Trusts Attorney
When you are interested in learning how to set up a living trust for your property and assets, or if you are unsure whether setting up a living trust is necessary, get help from a trusted Arvada living trusts lawyer at Colorado Estate Matters, Ltd..
Our firm is proud to offer free consultations to residents across Arvada and surrounding cities. Claim yours when you fill out our online contact form or call our office at (303) 713-9147.
