Northern Colorado Trusts Lawyer
Serving Fort Collins, Loveland, and Larimer Counties
Trusts are a popular estate planning tool in Colorado. At Ores Law, our firm is committed to helping our clients prepare for the future and trusts often serve an important role in many estate plans. Trusts help reduce estate taxes, avoid probate, and ensure the right people inherit assets from you after you pass. Call Nicholas Ores today to discuss whether a trust is right for you.
What is a Trust?
A trust is a legal way to hold property and involves the following:
- Grantor. This person creates the trust and funds it with money or property.
- Beneficiary. The beneficiary is the person who benefits from the trust property.
- Trustee. The trustee manages the trust property for the beneficiary.
One popular trust is the living trust. Our clients create a living trust and title assets in the trust’s name. They also serve as the trustee while living. When they die, a successor trustee will distribute the property according to your instructions.
A living trust is a type of revocable trust, meaning the grantor can change it while living. You can move assets in and out or shut the trust down entirely. Other trusts are irrevocable—once you place assets in the trust, you can’t unwind them.
Ores Law
Popular
Trusts
Ores Law can create different trusts, depending on your needs and goals. Some of the more popular include:
- Special needs trust. Provide for a disabled loved one with this trust. Instead of leaving them assets directly, you put them in a trust, and the disabled person can still qualify for government benefits.
- Asset protection trust. Shield assets from a creditor by placing them in a trust. Because the trust is the owner, creditors (like someone suing you) cannot gain access to them even if they win a lawsuit.
- Life insurance trust. Hold a life insurance policy in this trust to lower taxes.
- Spendthrift trust. Use this trust if you fear your beneficiaries will squander money. You can control their access to trust assets.
- Charitable trusts. Leave money or assets to charity with a charitable trust. There are different types of charitable trusts, so talk with an attorney about which one fits your needs.
- Pet trust. Provide for a pet by putting assets in a trust and providing instructions for their care. The trustee can supervise whoever is taking care of your pet to make sure they follow your directions.
These are only some of the most common trusts. There are too many to mention here, but we will gladly review your options in a consultation.
Ores Law
Benefits of
a Trust
You can use a trust like a will. Both allow you to decide who will inherit property when you die. But trusts provide additional benefits:
- A will is probated in court, which can take up to a year to complete. A trust does not go through probate, so your loved ones can gain access to money and property faster.
- Because a will is probated, its contents are public, which means anyone who snoops can find out how much you owned. A trust is private.
- You can’t leave assets to a pet in a will. But you can provide for them in a pet trust.
- There are tax advantages to certain trusts, especially irrevocable trusts. You can reduce the taxes your loved ones will need to pay on an estate.
- It might be harder for a disappointed heir to challenge a trust compared to a will.
Some people create both a trust and a will as part of their estate plan. Let us review your goals and walk you through the options.
Ores Law
Avoid Fill-in-the-Blank
Trust Templates
Some people go online and find fill-in-the-blank trust forms. They fill them out and think they have a valid trust that will hold up in court.
You should work with an experienced attorney like Nicholas Ores. These online forms might not be valid in Colorado. There is nothing worse than creating an estate planning document that a judge finds is ineffective after you’re gone.
Our clients benefit from the advice we provide about which trust to create. Not all trusts are the same, and no website can provide the kind of detailed advice that you need to make the correct choice. You also need to carefully consider your choice of trustee. This person should be reliable, dependable, and careful with money.
Our law firm has decades of experience in estate planning. No matter your goals, we can create an estate plan that provides peace of mind.
Call Our Northern Colorado Trusts Attorney
When used properly, a trust can strengthen any estate plan. Call Ores Law to discuss in detail whether a trust is right for you.
FORT COLLINS | LOVELAND | SURROUNDING AREAS
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Magell Candelaria
I called 4 lawyers seeking help with my family trust matter. Nick Ores was the only one to return my call. He verified he could assist with my request and promptly provided instructions on how we would proceed with document delivery and filing. All were executed flawlessly and in short order. I was fully satisfied with the Law Office of Nicholas Ores and would recommend him to anyone.
