As regular readers of our Denver estate planning and elder law blog know, we recently dove in this space into the subject of living trusts.
A living trust can be the perfect way for many to not only protect their assets while they are alive, and then pass those assets on when you die as well. It should be noted here that the person creating the living trust can retain full control of the assets placed into the trust and that the trust will help beneficiaries avoid probate when you pass on.
In our previous blog post on living trusts, we worked our way through the process to the point where you fund the trust. That is, you transfer the assets of your choice into the trust.
A recent article was clear about why it’s important to have a professional at your side when transferring assets into the trust, pointing out that the transfer process “is tricky” and that having “a lawyer to help is probably the best bet.”
Yes, you can create a living trust yourself, “but there are some serious risks to DIY estate planning” and doing it on your own “requires a lot of research and precision to get right.” For most people, it’s easier and safer, and in the long run less expensive, to have an experienced estate planning attorney take care of the many details and forms.
Is a living trust right for you? That’s not a decision that can be made based on a blog post or two. It’s a question to talk over with your family and an estate planning lawyer who can help you weigh the benefits of the many available planning options.