LIVING TRUST SOLUTION
A Living Trust is the primary document in your estate plan.
It lays out the distribution of family assets after the death of you and/or your spouse.
It has huge benefits:
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Significantly reduces estate taxes and legal fees.
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Allows your estate to avoid probate.
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It provides maximum control, privacy, and flexibility for your assets.
A Living Trust is usually accompanied by a “Pour-Over Will,” which is simply a document that states that any property or assets (that have not already been designated to the Trust) will be transferred to the Living Trust in the event of your passing.
The Pour-Over Will also may transfer personal effects to the surviving spouse or others and provides for the nomination of a guardian for minor children.
What does a Living Trust provide?
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Your Trust – and your estate - is owned and administered by you
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Your property will be titled in the name of your Trust instead of your name.
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You can buy and sell property as before.
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You can change instructions, even cancel your Trust at any time
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Your Trust contains specific instructions for what YOU want
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At incapacity, even at death, you keep control.
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Controls how the property is to be distributed
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Offers special provisions for handicapped or disabled individuals
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Property can be held in Trust for minors for an extended period of time
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Totally avoid Probate at death or incapacity
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Prompt distribution of your assets
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Difficult to contest
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Prevents the unintentional disinheriting of heirs
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Allows for corporate administration of your Trust if you deem it appropriate
Colorado Transitions Legal Expert
Ronald G. Pestine & Associates is a full service law firm, specializing in real estate transactions, estate planning, and estate administration/probate with over 35 years of experience.