Denver Wills And Trust Lawyer

Denver NC Wills & Trusts Attorney

The concepts of wills and trusts and how they factor into an estate plan can be perplexing. They are terms that we might hear from time to time, but until you really begin to look into developing an estate plan, they can seem somewhat foreign. By working with a Denver, NC wills & trusts lawyer, you can know how to use these legal instruments to protect your assets and safeguard your loved ones.

Most people want the assets that they’ve acquired to be handled according to their wishes when they are gone. They also want to avoid strife and conflict among their family and beneficiaries. Wills and trusts are vital when pursuing those ends.

The Jonas Law Firm, P.L.L.C.: Your Denver NC Will & Trust Attorney

Employing wills and trusts in an optimal estate plan can be complex, and any arrangement must be very specific to your situation. That’s what makes working with a Denver, NC, wills and trusts lawyer critical to your estate planning process.

At The Jonas Law Firm, P.L.L.C., we have experience putting together estate plans. Our team can help create wills and trusts that can meet your objectives. We can also help you understand how a will, trust, or both might be able to factor into your estate plan.

What a Will Does

A will is a document that describes what happens to a person’s assets upon their death. It is usually overseen by an executor, who was appointed by the deceased. That executor is responsible for distributing the assets to named beneficiaries according to what is described in the will.

There are a few aspects of wills that are important to recognize. One is that they do not shield any assets from the probate process, which will be necessary for paying debts, taxes, and court fees. As probate may take a significant amount of time, it can lead to a delay in the distribution of assets. Probate also creates privacy issues, as the will and the results of the probate process become part of the public record.

An important limitation on a standard will is that they do not address issues of incapacitation. There will need to be other measures in place to address this possibility. Otherwise, the court may appoint someone to manage assets and financial affairs in circumstances of incapacity.

One advantage of a will is that it has a lower upfront cost and investment. However, because it is subject to the probate process, there may be a greater expense in the long run by choosing a will-based plan over a trust based plan.

What a Trust Does

A trust is a useful, though sometimes complicated, legal mechanism where a person’s assets are transferred out of their ownership and into the ownership of the trust. Decision-making and management regarding these assets is then done according to the rules established within the trust and by the trustee. A trust can be created during someone’s lifetime, and assets can be moved in and out of the trust. With some trusts, the person who created the trust can be the trustee and still manage the assets. This is usually referred to as a living trust.

Advantages of a Trust

Trusts have several advantages over wills, although they may be more costly to set up. Two key advantages include:

Avoid Probate

The most impactful advantage of a trust is that it does not need to pass through the probate process. This is important because it:

• Shields its assets from some potential costs
• Leads to a more efficient distribution of the assets
• Maintains the privacy of your estate, family, and benefactors

Flexibility

Trusts also allow more flexibility regarding how and when the assets are distributed. For instance, conditions can be placed on the distribution of certain assets. As an example, if you would like the beneficiary to reach a certain age or milestone, such as graduating college, before some assets are distributed, that conditional distribution can be done through a trust.

Trusts are complex estate planning instruments, but they are highly effective when done well. This means that there is a lot more that goes into setting up a trust, and it can lead to more maintenance along the way. However, the savings of being able to avoid the probate process may very well make a trust the more economical decision in the long run, while also being more versatile.

Why You Should Create a Trust or Will

Estate planning is an incredibly complex process, but it is absolutely critical for those who wish to ensure that the management and distribution of their estates are not too challenging for their family. A poorly planned estate can lead to several problems. It can reduce the amount of the estate that will eventually make its way to your loved ones. A poorly made or nonexistent estate plan can also lead to significant amounts of family strife.

It’s important to remember that, with your passing, it will be an emotional time for your family. The rawness can often lead to people saying and doing things that are generally out of character for them. A well-planned estate can use documents like wills and trusts to minimize the potential for contention and disagreement.

Your estate can provide your family with gifts and financial benefits when you pass. Sometimes, the most important gift is having a well-planned estate as a source of comfort and support. That way, family and heirs can work their way through the different aspects of the grieving process, rather than falling prey to petty disagreements.

By taking the time and resources to plan your estate properly and thoroughly, including the use of wills and trusts, you can give your family a smoother, simpler process when you pass.

Contact The Jonas Law Firm, P.L.L.C., for Help with Planning Your Estate

At The Jonas Law Firm, P.L.L.C., we understand how important it is to people to have a comprehensive estate plan. We can use our experience to identify and advise you as we help you formulate a thorough estate plan that most effectively addresses your unique situation. Contact us today to discuss the possibility of using wills and trusts in your estate planning in Denver.