Denver trust attorneys are legal professionals who can help their clients secure the future of their assets by drafting wills including living wills or by setting up trusts and by providing administration services for those trusts in order to secure the future of those assets after the death of the trustor on behalf of the beneficiaries of the trust. The creation of a living trust, the drafting of the necessary documents and the other activities related to living trusts require in-depth and comprehensive knowledge of estate planning procedures and the applicable laws, so here are a few more details about what trust lawyers do to make it easier for you to decide whether you need those services.
The first thing that Denver trust attorneys do when they meet a new client is to listen to the client’s requirements very carefully. The introductory discussion is followed by a detailed analysis of the documents related to the assets to be included in the living trust or the will and the drafting of an estate plan for the client. The topics you must be prepared to talk about during the first meeting include, but are not limited to the following:
- Your marital status,
- The composition of your family – do you have children and if yes, how many and of what age,
- Any mental or physical problems in your family that might influence the procedure of setting up the trust,
- Your employment status and your annual income,
- Your assets including real estate, retirement funds, bank accounts, investments and stocks
Many trust attorneys use questionnaires to obtain the details necessary for moving on to the next stage: the drafting of the documentation.
Providing Guidance Regarding the Best Solution, Drafting Documents and Administering Assets
Following the initial meeting, trust lawyers start working on the living will or the trust. A living will is a document that contains the detailed description of the client’s intentions about the procedures to follow in case they suffer an accident or die from other causes. It addresses medical and legal issues such as naming a medical proxy wo will make medical decisions in case the client is not able to. Living wills also contain clauses referring to the distribution of the client’s assets on the event of death.
Trust attorneys also provide services of setting up trusts. Trusts are legal entities called trustees that will hold legal rights over the client’s assets on behalf of the trust’s beneficiary or beneficiaries in case the owner of the assets dies or is otherwise incapacitated.
There are many different kinds of trusts that you can set up such as revocable and irrevocable trusts, testamentary trusts, inter-vivos trusts, special needs trusts and many others and the best choice is different for every client and every financial situation, so explaining the pros and cons of each of the available solutions is also among the most important tasks assumed by trust attorneys.
After the documents are drafted, trust attorneys can also provide long-term services of administering assets and of making adjustments to the client’s will or trust to address changes in the client’s intentions or circumstances.