Do I Need a Trust?

One of the most common questions is “Do I need a trust, or just a will?”  To get the best answer, call for a free 15 minute consultation so we can discuss your goals and develop a plan for you.  

WHAT IS A TRUST? A trust is an entity that can legally hold title to assets like a house or a bank account.  It is managed by a Trustee, which is someone who is obligated to care for and use the money for the benefit of the people listed in the trust.  Trusts outlive their creators and can be helpful if you want to ensure distribution of your assets over a longer period of time. 

Most people ask for a trust so that they can avoid probate.  However, probate in Colorado is not very scary, unlike many other states.  For that reason, usually a normal estate plan with a will is enough for most families.  But sometimes a will is right for you.  

You Might Need a Trust If:

• You want to leave money for children that they receive for their education or when they are older. 
• You have a disabled heir, or an heir who you do not trust to spend the money wisely.
• You want to ensure that your spouse is cared for after your passing, but that after their death, the money is distributed the way you direct. 
• You have a blended family and want to ensure that all the children are treated fairly.
• You are concerned about you and/or your spouse’s ability to handle assets long term. .
• You are worth over 10 million and need to plan for tax avoidance. 

You Might NOT Need a Trust If:

• You trust all the beneficiaries and want them to have the money outright.  
• You have a fairly simple estate (eg: a house, retirement, some accounts).
• Your an average family (most don’t need a trust). 

We hope to be able to speak with you soon about how we can help you make a trust.