If you’re interested in learning more about the benefits of setting up a trust, but you’re concerned about how long that will take, this is a blog you’ll want to read. For this post, we wanted to address some of the questions and concerns you may currently have.
When you set up a trust, you’ll be creating a legal document, and while the creation of the document may take place in a matter of minutes, if your trust is complex, it may take a few weeks to transfer your assets into it.
The benefits of setting up a trust are numerous. First, and most important, when you add things to your trust, at the time of your death, these items and/or assets will not need to go through probate.
(In a previous blog post we discussed the types of challenges that are being experienced by the heirs of Aretha Franklin and Prince since both artists died without an estate plan.)
There are many types of assets that can be transferred into a trust, which include but aren’t limited to various types of real property (houses, condos, vacation homes, etc.), parcels of real estate, bank account, commodities, stocks, and bonds.
If the assets you plan to transfer into a trust are limited (ie: you only want to transfer cash amounts that are being held in a few bank accounts), this is a quick and easy process. If your assets are more diverse and complex, this will take a bit longer for all of the obvious reasons.
Numerous factors need to be taken into consideration
Like we mentioned earlier in this post, although the timeline it will take to draw up the trust document can often be handled quickly, there are a number of factors that need to be considered when it comes to determining the total timeline it will take to have the trust set up completely.
Setting up a trust is an important component of estate planning, but it’s not something you should attempt to tackle on your own. If things aren’t done properly, your estate could still wind up in probate.
This is where a reputable estate planning attorney comes in.
Colorado Estate Planning Attorneys
The team of estate planning attorneys at The Law Network PC is seasoned and experienced, and we understand that each of our clients has unique individualized needs. When you work with our firm we’ll help you understand what your best options are when it comes to protecting your assets.
If you have questions about the differences between various types of trusts and/or trust funds, we’ll be happy to answer any and all inquiries you may have. When it comes time to establish an estate plan, we want you to be fully informed, so you can make the best possible decisions.