Longmont Trust Planning Attorney
Most parents want to make sure their children are properly taken care of, especially after their death. One of the best ways to do this is by setting up a trust for your children. This trust is a way of ensuring their future stays protected, and they don’t end up without the means to support themselves financially once you pass away. Creating a trust for your child may involve a lot of work, but the benefits greatly outweigh whatever inconvenience you are likely to face.
The Longmont trust planning attorneys at Colorado Estate Planning Law Center have been helping parents set up trusts for their children for decades. We want to help you pass on your hard-earned wealth to future generations. Call our office at (303) 420-2863 or contact us online to set up a free initial interview.
How to Set Up a Trust for Your Child
While we can help you every step of the way, it’s essential for you to understand some of the basic steps in setting up a trust for your child so we can make sure that all of your wishes are met.
1. Identify Your Beneficiaries
The first thing you have to do before setting up your trust is deciding who the beneficiary is. If you are setting up a trust to benefit your child or children, they will be the beneficiary. As the grantor, the choice of whom you want as beneficiaries of this trust is entirely your decision.
To make this process easier, it’s a good idea to make a list of all of your children and then list the goals you want the trust to achieve for them. The younger your children are, the more flexibility you will have when it comes to funding, and the easier it will be to avoid paying taxes. The earlier you start planning, the better.
2. Decide What Type of Trust You Want
This is another crucial step. There are several different types of trusts. For this step, it’s in your best interest to consult with a trust planning attorney. The last thing you want is to set up a trust that is intended to benefit your children, but because you chose the wrong type of trust or set it up incorrectly, they cannot use it for its intended purpose.
3. Choose a Trustee
You may not want your minor child inheriting and having sole ownership of all your assets at such a young age. In this case, it’s a good idea to choose a trustee who, upon your death, will maintain ownership of the trust until your child or children are old enough to take responsibility for your assets.
4. Outline the Terms of the Trust
This is another important step. There are many things to consider, for example: Do you want your children to receive the money all at once, or throughout the course of their lifetime? Can your children use the money in the trust while you’re alive or only once you pass away? Can your children do as they please with the money, or do they have to use it for a specific purpose? All of these questions should be considered and discussed with an experienced attorney.
Contact Our Longmont, Colorado Trust Planning Attorneys For a Free Initial Meeting
Anytime you’re considering creating a trust, it’s a good idea to consult with an attorney to ensure that your intentions are carried out. The Longmont estate planning attorneys at Colorado Estate Planning Law Center have been assisting people in the community with all of their trust planning needs for more than 20 years. Call our office at (303) 420-2863 or contact us online to set up a free initial interview.