Will and Trust Attorney in Denver, CO
Creating a Will or Trust
The two primary estate planning tools are wills and trusts. Both wills and trusts ensure that your assets are protected and that those who you name as beneficiaries inherit what is rightfully left to them. When it comes to wills and trusts, most people have a long list of questions: When do I need a will or trust? Can I create a will and trust on my own? What should be included in a will or trust?
What is a will?
A will is a legal document with clear instructions regarding how you would like your assets distributed after your passing. This can include financial assets, as well as real and personal property. In your will you can appoint an executor or personal representative, name beneficiaries, leave instructions on how beneficiaries will receive their inheritance, and designate guardians for your children if applicable. A valid will gives the designated executor the legal authority to administer your estate, allowing them to distribute your assets to the beneficiaries and resolve outstanding financial liabilities.
What is a trust?
A trust is a relationship in which you give another party the authority to handle the assets concerning your beneficiaries. While a will is a public record, a trust is not. Many people who wish to keep the details of their estate private will choose a trust rather than a will. Another advantage of having a trust is that much of the amount is not subject to estate taxes, so those with large estates may benefit from a trust vs. a will.
Do I Need A Will Or Trust?
In short, yes. When a person dies without having a valid will in place, his or her property passes by what is called “intestate succession” to heirs according to state law. This means that person’s property could go to their children, parents, siblings, or in the absence of any relatives, back to the state. This can be particularly important during the pendency of a divorce, if you do not have a will then your property could automatically go to your soon-to-be ex-spouse. While both wills and trusts help you ensure your assets are protected and bequeathed to your designees, there are some significant differences between them. It is possible and sometimes necessary to have both a will and a trust. A will helps outline how you want your affairs and assets handled upon your passing, and a trust creates a fiduciary relationship between a trustor and trustee.
your Lawyer for Wills and Trusts
Without a will and trust, you could be leaving the fate of your assets to chance. Wills and trusts can ensure your possessions and assets end up in the hands of those you designate. The skilled attorneys at Novo Legal are available to create wills and trusts in Denver, CO, to give you peace of mind. Making your estate planning a priority now can save money, time, and potential financial hardship for your loved ones in the future.
Novo Legal Can Assist With:
Testamentary Wills Living Wills Irrevocable Trusts Testamentary Trusts Living Trusts And More
Contact Novo LegalFor more information about how we can help with wills and trusts, contact one of our estate law attorneys today. We can work with you to ensure your estate is planned according to your wishes.
© 2022 Novo Legal. All Rights Reserved.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship.