Probate is the legal process required to transfer a deceased person’s assets to their heirs. Most people are under the impression that executing a valid will means that their estate will not go through probate upon their passing. This is incorrect. The biggest difference between dying without a will and with a will is instead of the state of Colorado determining where one’s assets go upon their passing, the person executing the will is in charge of where their assets go upon their passing. Probate, however, is required in both circumstances. Probate is lengthy and costly and should be avoided at all costs.
A living trust allows you to keep the court out of your business. Assets are transferred into your trust while you are alive, which solves the need to get the court involved to transfer assets upon your passing. This ultimately saves you and your loved ones time and money. Further, setting up a living trust gives your family and friends the ability to take care of you and your assets should you ever become incapacitated.
Setting up a living trust is not something that should be done alone. It’s important to consult with an experienced estate planning attorney who can help you create an appropriate plan for your situation and ensure all legalities are properly handled. Once established, it’s also important to keep your trust updated according to changes in state law and any shifts in circumstances or resources. At Mason Law, we can help you both set up your living trust as well as maintain it so that your legacy passes on uninterrupted.
With proper planning, probate can and should be avoided. A living trust drafted by the expert team at Mason Law will provide a lasting legacy and financial security for your loved ones. If probate is something you want to avoid, consulting with Mason Law and Planning about setting up a living trust is a great place to start.
If you believe you have a case call us at (719) 292-1888 to speak to an experienced attorney from our firm.