Wills & Trusts in Arapahoe County
Assisting Residents Across the Southeast Denver Metro Area
A will is a legal document that can select your future heirs and beneficiaries and determine how your property will be distributed. In addition to providing instructions on how you would like your assets to be passed down, you can name a guardian to care for your minor children and an executor to honor your final wishes. Even if you have a trust, you should also create a coordinated will to "bulletproof" your trust plan and control any property you forgot to title in your trust.
If you are 18 years of age or older and of sound mind, you can create a will in Colorado. Being of sound mind means that you understand your property, who your immediate family members are, and how you would like your assets to be distributed.
What is a trust?
A trust allows an individual (the trustee), to hold and manage property for another (the beneficiary). The creator of the trust (the grantor), can place any type and amount of property in the trust, can include significant tax-minimization provisions, can include important protective provisions for loved ones, can provide for future generations, in fact can include just about any provision your want to include to create a true Legacy. The two main types of trusts are revocable and irrevocable trusts. Revocable trusts are the most common, because they can be altered or changed at any time. Irrevocable trusts cannot be altered or revoked, so they are usually only used for specific situations, such as to reduce estate tax liabilities.
Trusts can offer you and your loved ones a variety of benefits. Probate is costly and time-consuming, but a trust will allow your loved ones to avoid the probate process altogether. Additionally, placing your assets in a trust allows the trustee to distribute them almost immediately, instead of waiting for the probate court timelines and procedures. Through the use of trusts and careful tax planning, we can help you avoid or reduce gift, estate, capital gains, and income taxes. If you have a loved one with a disability, a special needs trust can also help you protect him or her.
Experience You Can Trust in Centennial
With more than 20 years of experience, The Law Office of Steven R. Owens, P.C. can create a comprehensive estate plan for you and your loved ones. Instead of asking you to fill out impersonal forms, and trying to fit you into a "standard" plan, we focus on the exciting aspects of creating your own unique legacy. Whether you are a resident of Arapahoe, Douglas, Denver or Jefferson County, contact our firm today to learn more about how wills and trusts can benefit you!
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