Fort Collins Probate and Trust Settlement Lawyer
At Colorado Estate Planning Law Center, we realize how emotionally overwhelming it can be to lose a loved one. We want to do everything in our power to take as much of the stress away as possible by handling all of your probate and trust settlement matters. You should give yourself the time and space you need to emotionally process your loss, and let us handle the rest. Still, it’s important for you to understand the probate process so you know what needs to be done. Additionally, if you or your loved ones are able to properly organize your estate before you pass away, it can make all of the legalities much easier to handle. Probate can be complex and time-consuming, but there are ways to ensure that you can avoid the costs and pitfalls if you plan properly. Your estate doesn’t have to go through probate. Let our probate and trust settlement attorneys in Fort Collins help you. Call our office at (303) 420-2863 or contact us online for a free initial interview.
How to Avoid Probate
It is the job of a Fort Collins probate and trust attorney to help you organize your estate and get all of your affairs in order so that when the time comes, your estate can be distributed quickly and appropriately. In order to do this, you need to start planning ahead. It will save you a significant amount of money and help protect your assets. Here are some of the common ways that an estate can avoid probate:
Living Trusts in Colorado
In Colorado, you can create a living trust in order to avoid probate for almost anything you own. When you create a living trust, you’re essentially creating a document that appoints someone as the trustee after your death. While you’re alive, you are the trustee. Once the trust is created, you have to transfer ownership of your property to yourself as the trustee of the living trust. When completed, the trust owns and controls the property. After you pass away, the person you appointed to become the trustee upon your passing will be able to distribute your assets however you direct them to, without having to take the estate through probate.
Payable-on-Death Designations for Colorado Bank Accounts
In the state of Colorado, you are permitted to add a payable-on-death (POD) designation to your bank accounts. This includes savings accounts or certificates of deposit. While you’re alive, you retain all control over the money in your account. The person you appointed as the POD doesn’t have the right to access or spend the money. You can even spend all of it if you wish. However, upon your death, the beneficiary is able to claim the money straight from the bank account without it having to go through probate.
Our Fort Collins Probate and Trust Settlement Lawyers Can Help You Today
It’s always in your best interest to start planning early. If you have a large estate, probate can be expensive and very time-consuming. You’ve worked hard for everything you have. The last thing you want is for your heirs to spend a significant portion of your assets on probate and other fees, especially when you can set up trusts, and create other smart legal advantages in order to protect your estate. Let our Fort Collins estate planning attorneys at Colorado Estate Planning Law Center help you. If you have any questions or wish to start organizing your estate in the most efficient way possible, don’t hesitate to reach out to us. It will save your family stress, time, and money in the long run. Call our office at (303) 420-2863 or contact us online for a free initial interview.
