A testamentary trust is a type of trust that takes effect after the trust maker or grantor passes away. These trusts are irrevocable trusts, and they are detailed as part of a will. There are some specific advantages to creating different types of trusts. Though they may not be the best choice for all situations or circumstances.
Therefore, it is best to consult with a Denver testamentary trust lawyer at Colorado Estate Matters, Ltd. . We can discuss your needs and wishes and to determine whether testamentary trusts or another option may be the best choice for you and your family. Contact the firm online, or by calling us at (303) 713-9147.
Important Elements of Testamentary Trusts
The following are types of testamentary trusts that may be a good option for an individual and their family:
Testamentary trusts are often used when the beneficiaries are children – A Minor is not able to directly receive money from a will or inheritance. When there is a minor in a will, a Testamentary Trust should be created. A Testamentary Trust will pass down assets to children or other minors. The trustee manages the testamentary trust on behalf of the minor until they reach the age set by the trust. If you want to provide financial support for a disabled loved one, you should also create a Testamentary Trust. The financial support will come from the trust’s assets while not affecting their eligibility of government benefits.
Testamentary trusts are required to go through probate – Unlike other living trusts that may avoid probate, testamentary trusts must go through this court-supervised process. If probate has started, the probate court could check in on the administration of the testamentary trust.
Testamentary trusts often include life insurance proceeds – Although any number of different situations may make it beneficial for a person to set up a testamentary trust. By having a life insurance policy with a substantial payout is one of the more common situations. By setting up a Testamentary Trust is generally a smart idea. If you want to learn more about possible tax breaks, please call us at 303-713-9147.
Other circumstances, financial situations and needs can make having testamentary trusts as part of an estate plan a good idea. You are encouraged to contact Colorado Estate Matters, Ltd. for more information about testamentary trusts and your best estate planning options.
Denver Testamentary Trust Lawyer at Colorado Estate Matters, Ltd.
When you are considering a testamentary trust or need any assistance with estate planning, you can turn to a Denver estate planning lawyer at Colorado Estate Matters, Ltd. We provide a thoughtful, comprehensive approach to our clients’ estate planning needs. Our attorneys help our clients and their families find the best solutions that work best for them.
This means that we provide personalized attention at every step of the process. It also means that our clients can rely on our attorneys to be competent, caring and professional. We provide them with the highest quality of legal services at affordable rates.
Receive A Free Consultation When You Call
Let’s discuss your options during an initial consultation. To schedule a meeting with a Denver testamentary trust lawyer, call us at (303) 713-9147 or email us using the contact form at the top of this page.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.