A trust is an arrangement where real or personal property is held by one person, called the trustee, for the care or benefit of another person, the beneficiary. There are basically two types of trusts: testamentary trusts and living trusts. A testamentary trust is set up in your will, and takes effect only after your death and after your estate has been administered. Testamentary trusts, like living trusts, are set up to save estate taxes and to manage assets for minor or disabled adult children. Because testamentary trusts become effective after death, they are useful in situations where asset management is not needed during life.
(This excerpt taken from an article courtesy of the Colorado Bar Association.)
Our office has drafted many trusts including Special Needs Trusts, Family Trusts/Partnerships, Revocable and Irrevocable Trusts, and Living Trusts. Please feel free to contact our office to set an appointment to discuss your trust needs.
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