Trusts And Estate Planning In Denver, Colorado

A trust can be an important part of a Colorado estate plan, giving the grantor control over how the funds are used by the intended beneficiary. The chosen trustee in charge of the fund authorizes payouts for unique, specific purposes.

It is important to set trusts up correctly so that they are effective, which is why it can be helpful to work with our team at The Law Offices of Rodger C. Daley and Associates. Our attorneys have more than 30 years of experience with trusts and other aspects of estate planning law in Denver. Use the contact form or dial 720-773-5708 today to meet with one of our lawyers for a free initial consultation.

How A Trust Works

A trust lets you place financial or tangible assets under the control of a trustee who manages them according to your written instructions. The trustee follows your rules for investing, safeguarding and distributing those assets. You also name a beneficiary who receives payments or property from the trust. Although the beneficiary benefits from the arrangement, they do not directly own the assets held inside the trust.

Common Types Of Trusts In Colorado

Trusts are organized into two main categories – revocable and irrevocable trusts. An irrevocable trust cannot be changed after it has been created, but a revocable trust can be altered to address shifting situations. Some common types of trusts include:

• Discretionary trusts: The trustee can use their own discretion to authorize payouts.
• Educational trusts: The funds are set aside for educational purposes, like college tuition.
• Spendthrift trusts: These spread distributions out to help preserve the funds.
• Charitable remainder trusts: These allocate assets to a charity and other selected beneficiaries.
• Special needs trusts: These trusts help preserve a beneficiary’s eligibility for government benefits.

Our team can help you determine what trust would be right for your family’s unique situation.

What Benefits Can A Colorado Trust Offer?

The effort involved in creating a trust is often worthwhile. Trustors derive many benefits from creating a trust, including:

• Probate avoidance for trust assets
• Privacy regarding trust assets
• Enhanced control over asset use and distribution
• Asset protection from lawsuits and creditor claims
• Reduced conflict in complex situations, such as a blended family

Choosing the right type of trust and arranging for adequate funding can give you security now and protect your legacy after you pass.

Frequently Asked Questions About Colorado Trusts

Funding a trust can be an excellent alternative to relying solely on a will for your estate plan. Learning the answers to common questions about trusts can help you make informed decisions about the type of trust you create and how you structure it.

How long should a trust last?

In some cases, trusts might endure for only a few months until a trustee distributes resources in accordance with trust instructions. Other times, trusts may last for decades. It is common for trusts with child beneficiaries to last for up to 21 years to protect resources for a minor until they become an adult.

A trust can be created to leave resources to a charitable cause or to manage complex resources, such as real property or business holdings. A trust can persist until the trustee has fulfilled the trust’s purpose, often by liquidating or distributing any residual trust resources.

Why should I get an attorney for a trust?

A lawyer assisting you with trust creation can help you properly protect your resources, avoid mistakes that could undermine the trust’s efficacy or trigger litigation, arrange for the management of complex resources and effectively uphold your wishes. An attorney can also provide insight into your wishes and mindset when discussing the trust with your trustee and beneficiaries.

What assets are not involved in a trust?

You may choose not to transfer retirement savings accounts, such as 401(k)s, health savings accounts (HSAs), funds from life insurance policies or vehicles into a trust. Tax consequences, the loss of immediate control over assets, and other complicating factors make it critical to ensure that the assets used to fund a trust are appropriate. You also need to ensure that you have plans in place for those non-trust resources in the event of your death or incapacitation.

Why Work With Us When Creating A Colorado Trust

Our 30 years of experience guide every step of the trust‑creation process. We help you evaluate your goals, understand the details of your plan and choose the type of trust that fits your needs. Because every family’s circumstances differ, we focus on solutions tailored to your situation, supported by thoughtful planning and resourceful problem‑solving.

Call For A Consultation

To schedule a free initial consultation with our Denver trust attorneys at The Law Offices of Rodger C. Daley and Associates, dial 720-773-5708 or use the online contact form.