Colorado Estate Planning Blog

Thursday, July 28, 2016

Common Estate Planning Mistake #4 – Leaving Assets Outright to Beneficiaries:

Assets that are left outright to heirs and beneficiaries are exposed to creditors, predators and divorcing spouses.

Many of my clients choose to leave assets in trust for their heirs’ benefit. Assets left in trust are totally asset protected. The beneficiaries still have access to the funds but creditors, lawsuits, divorcing spouses, or in-laws who are spendthrifts cannot touch the assets inside the trust. This also helps ensure that when the heir passes away the asset goes where the original owner wants it to go and helps avoid unintended beneficiaries (like ex-spouses or estranged heirs).

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Sommers Law Group, LLC assists clients throughout Denver, Jefferson County, and Arapahoe County, Colorado.

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