Legal Question in Wills and Trusts in Colorado
For estates in Colorado.
After a divorce a local attorney prepared a standard will for me (plus the other recommended health etc arrangements) even though value could be close to 5 million and would be probabated. The recommendation was that probate can be simple and cost effective over the more recommended Living Trust arrangements I have had in past.
Does that seem accurate?
1 Answer from Attorneys
It's really not a question of accurate. The recommendation is right that a will (through informal probate) is pretty simple and this arrangement will cost less than establishing a fully funded trust or considering other trust-based options. That said, you may have more flexibility using a trust format and, depending on the circumstances, you could achieve some tax savings and other benefits.
In short, you could talk with another attorney and discuss other estate planning options (living trust is really an incorrect way to describe revocable or, alternatively, irrevocable trusts).