Today all families can protect their assets through trusts. These legal instruments provide many benefits and can be arranged for varying purposes, all aimed at serving your unique needs and goals. At The Osterman Law Firm, we have been helping Coloradans with the creation, implementation, and updating or termination of trusts since 1982. We can help you decide what type of trust is right for your goals, answer your questions, and explain everything you need to know about trusts, from funding them to choosing your trustee(s).
We aim to ensure that your trust is established according to legal standards, that you fully understand its workings, and that you receive the kind of attentive service needed to build a satisfying client-attorney relationship.
For many individuals and their families, a trust or multiple trusts are integral parts of their comprehensive estate plans. These versatile legal instruments can be used for asset protection and to serve other needs and goals as well, such as minimizing taxes, avoiding probate, helping disabled family members retain their eligibility to qualify for governmental benefits, and more. The benefits of trusts go well beyond wills, giving you and your family peace of mind knowing that plans are in place to cover future needs.
What Is a Trust?
A trust is a legal entity separate from you into which you transfer the title of assets and property. After “funding” your trust with these assets, they become the property of the trust, to be managed by your named trustee(s) for the benefit of your heirs and beneficiaries. This means they are not part of your estate anymore so they will not have to go through probate. This reduces the time, expense, and stress of the probate process, putting your assets into the hands of your family and other beneficiaries privately and with greater ease and speed.
Many types of trusts exist, including but not limited to:
- Irrevocable and revocable trusts
- Testamentary trusts that are created through your will effective upon your passing
- Special needs trusts
- Education trusts
- Charitable trusts
- Living trusts
- Marital trusts
One of the most popular types of trusts is the revocable living trust in which you as the grantor of the trust remain the trustee during your lifetime. This allows you to manage the assets in the trust as you see fit. Since the trust is revocable, you can make changes or even terminate the trust. Once you pass on, your named successor trustee(s) will distribute the assets within it according to the instructions contained within the trust document which you set up.
Connect with The Osterman Law Firm online or at (303) 500-8633 today.