Denver Wills & Revocable Trusts
The purpose of wills and trusts is to determine and formally document how you want your wealth and assets to be distributed in the event of your death or incapacity. Protecting your assets with a will or trust will not only give you peace of mind that your final wishes will be met, it will also save your loved ones time, money, and emotional stress in the long run by simplifying the complex Colorado probate process or avoiding it entirely.
I have found that most clients can effectively protect their assets using wills and/or revocable living trusts.
Will: A will defines how your property and possessions should be distributed upon your death, helping avoid intestate succession (when the state takes control of how your assets should be distributed) and potential conflicts among loved ones who remain. A will also outlines how your remains should be handled upon your death. In addition, a will clearly establishes an executor, or a personal representative who will pay required taxes, pay any debts owed, and ultimately make sure your final wishes are met.
Revocable living trust: A revocable living trust is similar to a will in that it details how your assets should be administered upon your death. However, unlike a will, which is only implemented near death or directly after you pass away, a trust establishes a trustee to manage and administer your property in the event of your incapacity. In addition, setting up a trust allows you to transfer the ownership of your property over the course of your life, and it is completely amendable, enabling you to remain flexible as your needs and circumstances change. Trusts are also a great way to protect your children if anything happens to you before they reach adulthood.
Deciding how to protect your assets can be confusing, which is why I walk clients through the process step by step. Working together, we will catalog all your existing assets and develop a clear, comprehensive plan for how they should be distributed based on your personal needs and goals.