Who should have a living trust?
Many people have been sadly misinformed about the Living Trust from other people, even people who are supposedly knowledgeable in these matters. People are told that unless you are wealthy or your estate is valued at six hundred thousand dollars or more, all you need is a will. Almost everyone thinks that they need a will when the fact is, almost everyone needs to have a Living Trust.
coloradoetrusthttp://www.coloradoetrust.com/index.phpAvoidance of probate, avoidance of guardianship in case of incapacity, tax planning and privacy are all important factors in establishing a living trust. But I will touch on the benefits of being a beneficiary of a living trust. Parent establishes a living trust with child as a beneficiary. Upon parent’s passing, the living trust becomes irrevocable. If drafted properly, the assets of the trust are protected from child’s existing creditors and future creditors, like a future ex-spouse. Many parents prefer their assets remain in the family and not become part of the division in a divorce. A trust can ensure this result.More information is available at http://www.coloradoetrust.com/colorado-living-trust.php.
Age, marital status and wealth don’t really matter. If you own titled assets and want your loved ones (spouse, children or parents) to avoid court interference at your death or incapacity, consider a living trust. You may also want to encourage other family members to have one so you won’t have to deal with the courts at their incapacities or deaths. 26.
Age, marital status and wealth don’t really matter. If you own titled assets and want your loved ones (spouse, children or parents) to avoid court interference at your death or incapacity, consider a living trust. You may also want to encourage other family members to have one so you won’t have to deal with the courts at their incapacities or deaths.
Married or single, old or young, just about everyone can benefit from a living trust, especially if you have children (even more so if you are a single parent) or own any titled property. If you have gross assets (this includes any mortgage balance) over $100,000.00 and you want to make sure your loved ones (spouse, children, parents or cherished friends) will be spared from probate if something happens to you, you should have a living trust.
