Estate Plans Protect What Matters Most

Estate planning, already an uncomfortable topic, can be overwhelming when you try and get into the nitty gritty of which approach you might take. Friends, relatives, and news articles will all have differing advice on whether you want a will or a trust and whether this legal provision or that legal provision is more appropriate to your situation. I will sit down with you, understand your goals, and make sure that your legacy is never left to chance.

A will is a legal document that explains what should happen to your money, property, and belongings after you pass away. It also lets you name a person (a personal representative) that you want the courts to designate to carry out your wishes. Having a will helps make sure your loved ones are taken care of and prevents confusion or disagreements about your belongings. Wills are generally less expensive than an trusts, and can be a good fit for most people who don’t require special planning for minor children or have more complex property/succession concerns. Probate in Colorado is not as scary as movies, TV, and your out-of-state-friends make it out to be, and the cost savings and advantages of a will are great for most families that don’t have specialized needs in their planning.

A trust is a legal arrangement that helps manage and protect your money and property. You can think of it a little bit like a company, that can hold your property, even as you still have access to it. You (the grantor) put assets into the trust, and a trustee manages them for the benefit of the people you choose (beneficiaries). Trusts can help avoid probate (the legal process of handling a will), reduce taxes, and make sure your assets go to the right people at the right time. Trusts can be useful in situations where you have minor children or children with special needs, when you have property in another state with less-friendly probate, or you have specific concerns about the transfer of a unique or historic property, like a family farm or ranch.