On October 20, 2014

Picking up from where we left off in Setting up a Living Trust: 6 Facts to Know (Pt. 1), here, we will resume our discussion regarding some of the benefits associated with setting up a living trust.

More Facts about Setting up a Living Trust…

Fact 3 – Living trusts can protect your privacy.

Setting up a living trust can help you protect your privacy. Here are some other benefits associated with setting up a living trust. Call us for help developing trusts.

Setting up a living trust can help you protect your privacy. Here are some other benefits associated with setting up a living trust. Call us for help developing trusts.

Unlike a will and a probate case that can become a matter of public record, the details of your living trust can remain private. This may be especially important to you if:

  • You and/or your family are public figures.
  • You have a substantial amount of assets that you don’t want to be part of the public record.
  • You simply value your privacy and the privacy of your loved ones and want to ensure this is preserved in the future.

Here, however, it’s important to point out that the specific assets held by the living trust may require that the trust be registered; for instance, if you end up setting up a living trust that holds real estate, certain types of securities or other specific types of assets, you may be required to register this trust. When this is the case, the trust may become part of public record.

That being said, however, an experienced estate planning attorney may be able to help you devise other ways of sidestepping the registration requirement so you can preserve you and your loved ones’ privacy.

Fact 4 – Living trusts are easy to create and to change.

Setting up a living trust can offer a number of benefits, one of the most appealing of which may be that these estate planning tools are relatively easy to create and to alter at any point in the future (when compared to other estate planning tools like, for instance, wills). This means that:

  • You don’t necessarily have to be certain about all of the details when it comes to setting up a living trust.
  • If your wishes change or if you end up having a falling out with a family member, you can easily make changes to living trusts at any point in the future.

Be sure to check out the upcoming conclusion to this blog series for some final important facts about setting up a living trust.

Denver Estate Planning Attorneys at JR Phillips & Associates, PC

Are you ready to get started setting up a living trust? If so, you can turn to the estate planning lawyers at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning needs, and we take pride in helping each of our clients and their families find the best solutions for them.

While this means that we provide personalized attention at every step of the process, it also means that our clients can rely on our Denver e planning attorneys to always be competent, caring and professional while providing them with the highest quality of estate planning legal services at affordable rates.

Contact Us Today to Get Started…

Let’s discuss your options during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Estate Planning, Trust Administration, Trusts