Wills and Trusts in Colorado Springs
Do I really need an attorney?
The loss of a family member is devastating. Whether you have just experienced the loss of a family member or you’re working on your will or trust to help ease the burden on your loved ones someday, the process of working on estate planning can be complicated.
The Gasper Law Group attorneys are experienced in drafting wills and trusts that give you confidence that your wishes will be carried out after you’ve gone as well as bring peace of mind to the family who remain behind.
Should your deceased loved one fail to leave a will, The Gasper Law Group attorneys are happy to guide you through Colorado probate law and ease your mind on how to finalize the estate. Contact us to set up a free consultation with our probate attorneys to discuss your needs, be it a will or trust issue.
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Will Preparation in Colorado Springs
If you want to protect your loved ones and pass on your estate in the manner you prefer, having a will is essential. Dying without a will could leave your assets up in the air, making life difficult for your heirs and forcing them to rack up unnecessary expenses.
Colorado probate law might be complicated, but preparing your will is easier than you might think when you have the help of a professional. Taking care of these essentials with a probate attorney while you are still alive will relieve your loved ones when you pass away, so they can focus on being there for one another.
During the will preparation process, the attorneys at The Gasper Law Group will sit down with you to review your assets and discuss how you want them distributed. Armed with this key information, we will create a will that satisfies your wishes, so your loved ones can avoid a costly probate and get on with the grieving process in peace instead of spending time in court.
Dying With a Will vs. Without a Will
In the state of Colorado and elsewhere, those who die without a will are said to have died intestate which has a fairly simple meaning.
If you die prior to creating a will, your residuary assets and financial holdings could go into probate, and that could drive up costs for your loved ones and unduly complicate the process of passing on what you owned to your chosen beneficiaries.
Whether or not your assets go into probate will depend on a number of factors, including the size of your estate and its value. Even so, working with estate attorneys in Colorado Springs beforehand can relieve your loved ones of this potential burden and lighten the load during what will already be a very difficult time.
Probate simply means that the courts are now involved in the distribution of your assets, something Colorado estate lawyers want to help you and your family get ahead of.
How a Colorado Springs Estate Attorney Can Help
When a loved one dies, you will have enough to worry about, and the last thing you want to do is go to court and deal with complicated probate procedures. That is why it is so important to have the help of a Colorado Springs estate attorney in your corner.
A Colorado probate expert can help you navigate the complexities of estate law, so you can build a better future for yourself and your family. From reviewing the will with your loved one left behind to deciding what type, if any, of probate will be required, we can guide you through every step of this often difficult process.
Whether your loved one died intestate or left a will, contact the Colorado estate attorneys at The Gasper Law Group as soon as possible.
Trust Preparation in Colorado Springs
Trusts are important devices used in estate planning and can work in conjunction with wills. It’s important to work with trust attorneys in Colorado Springs who have plenty of experience in these matters and can be able to assist with the planning process and ensure that your trust is properly set up. Otherwise, you may overlook certain aspects that leave you and your assets vulnerable. Attorneys can also assist with making updates to an existing trust to ensure that you’re consistently prepared.
Features of a Living Trust
The principal difference between trusts and wills is that wills only go into effect once the person who created it has passed, while a trust can go into effect whenever the creator wants.
Trustees who are listed in trusts are beneficiaries that are put in charge of handling certain assets either before or after the death of another individual. A trustee doesn’t have to be a person, either; it can also be an institution such as the creator’s bank or a law firm.
A trust will designate two types of beneficiaries:
- One beneficiary is designated as the individual who will receive income through the trust, which is often either the trust holder’s child, an elderly recipient such as a parent, or multiple individuals. In many cases, these beneficiaries will receive repeating payments from the trust as a source of income.
- The second beneficiary is the individual who receives any remaining income after the first beneficiaries pass. For instance, a second beneficiary may be the surviving children of the first beneficiary.
It’s also important to keep in mind that trusts only cover specific properties clearly defined in the trust, unlike wills that cover all of an individual’s assets. What also sets trusts apart from wills is that trusts don’t designate caretakers for property or pets, disclose funeral arrangements, or cancel debts owed.
Advantages of a Living Trust
There are certain benefits that come with setting up a living trust, as opposed to creating a will or neglecting to set up any securities at all. In fact, it’s often a good idea to have a trust either in lieu of a will or to complement/reinforce your will, as it will help you manage your property while you’re alive.
- Helps avoid probate – Probate is the process of distributing assets through the court system. Probate is often expensive and complicated, with potential delays, so it’s best to avoid probate when possible, which you can do through a living trust.
- Saves money – You can also save money with a living trust, particularly if someone attempts to contest it, as a trust tends to hold up better than a will in these instances.
- Protects you – Living trusts also protect your privacy and assets in the event you become ill or mentally incompetent.
Contesting a Will or Trust
If individuals would like to contest a will or a trust, they will need to file a lawsuit. Whether you are defending your trust or contesting another person’s trust, you will need an estate attorney in Colorado Springs by your side to help you prepare all of the necessary documentation. An attorney will also be able to assist with either proving or challenging the grounds on which individuals would like to contest the trust.
Contact Our Estate Planning Attorneys In Colorado Springs
Regardless of your needs, The Gasper Law Group is here to help you at any step. You cannot afford to leave your estate planning to chance, and you need to protect yourself with a valid will or trust. At The Gasper Law Group, we are experts at estate preparation in the state of Colorado and the Colorado Springs area. We understand the needs of our neighbors.
Contact us today to set up a free consultation about your estate planning!
Wills & Probate FAQs
Helpful Resources:
No Estate Plan? Here are the Consequences
When to re-evaluate your estate planning strategy