A trust is something that people with leftover money set up to support their family for generations to come. But a trust, used instead of or in a combination with a will, can also be a tool that helps bypass the entire probate procedure.
Maintaining a trust may also fix problems often encountered during the probate procedure. Some of these issues include:
- The cost of probating an estate, which can increase substantially if there are disputes that evolve into litigation;
- Lack of privacy can be a problem when the family wants to keep its business, such as finances and family disagreements, out of the public eye since a probated will becomes a public record; and
- The time needed for an estate to go through probate, during which family members and other heirs must wait for assets to be distributed, can create financial difficulties.
Contact Baker Law Group now to get the assistance you need from a Probate Lawyer Colorado Springs Residents Trusts.