Estate Planning Attorney Denver|Trusts & Wills|Testamentary Trust

Meurer Law Offices, P.C., serves clients in Denver, Greenwood Village, Centennial, Aurora, Littleton, Englewood, Arvada, Westminster, Broomfield, Parker, Castle Rock, Lone Tree, Sheridan, Elizabeth, Kiowa, Lakewood, Parker, Highlands Ranch, Denver County, Arapahoe County, Adams County, Douglas County, Jefferson County, Colorado.

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Will With Testamentary Trust

A Will with a Testamentary Trust accomplishes the same things as a Simple Will with the added oversight of a Trust for minors or special needs heirs. A Testamentary Trust is a Trust created upon your death through the Will. This Trust created upon your death will hold assets which would normally be distributed outright to a minor or a special needs individual. These assets will be controlled by the personal representative and or a Trustee until a specified time or event occurring.

The assets held in this trust can be protected from creditors of the minor. A special needs Testamentary Trust is created in order to avoid the disqualification of an incapacitated individual from government programs and aide they might be receiving. Typically it would involve a Supplemental Needs Trust where the funds could be used to supplement the person’s lifestyle. This may involve upgrading the incapacitated person to their own room, buying them flowers weekly, taking them on shopping trips, or buying them a nicer TV or other personal luxury items.

However, the same disadvantages apply as those involved with a Simple Will. Again there is court oversight and involvement involving delays, costs, and your Estate being a matter of public record.