At the Klein Law Firm, P.C., we often assist families or individuals through this difficult time of loss by assisting the administration of the estate or trust, both through trust settlement and through probate court when necessary.
A Trustee or Personal Representative has a difficult job in making sure they properly handle the trust or estate on behalf of the beneficiaries or heirs. The administration process is a series of steps that, by themselves, are not difficult to understand. However, we have found that the reality of undertaking an estate or trust administration is often overwhelming for an individual who is not represented by a skilled attorney. In many cases, you are better off letting a professional handle the details to ensure that is done properly and efficiently.
What Actually Is A Trust? Who Needs A Trust In Colorado?
A trust is a legal arrangement that sets up an entity to essentially hold your assets. With a revocable living trust, you would generally be the trustee or manager, and you would also be the beneficiary during your lifetime. If you have re-titled your assets in the name of the trust, there is no need for a probate court administration when you pass away or lose capacity, because the assets aren’t held in your own name. The trust is written in such a way that you can appoint new trustees to step in if you lose capacity or die, and they would be the new beneficiaries upon your death. Essentially the trust is a legal entity that outlives you and has a lot of flexibility in terms of how you want to structure things for your beneficiaries. Read More
What Is The Importance Of Funding A Trust?
Getting a trust set up can be emotionally difficult for many people. Once they sign the trust, they sometimes feel like they’ve done what they needed to do. However, there are still steps to take after the trust has been executed, including transferring assets into the trust. Read More
How Can A Trust Avoid Probate In Colorado?
A trust avoids probate because your assets are not in your own name when you die, they are in the name of the trust. The trust will outlive you and have new trustees and beneficiaries in the future. The purpose of probate court administration is to determine what should be done with the assets of a deceased person. The probate court has a process to make sure that creditors get paid and that taxes get paid. Everything’s done in a certain order and eventually the remaining assets are transferred to the beneficiaries or heirs. Read More
To find out more about estate administration or for a free consultation, please call us today.
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