Are you one of those people who feel intimidated by the large words used in law firms?We are here to give you a foot up in the attorney’s world of estate planning. Here at Ambler Keenan Mitchell Johnson in Denver, there are many estate planning phrases that are often used. We are here to provide an overview of general estate planning terms and their meanings. If, at the end of this series, you still have questions about terminology related to estate planning or probate, please call Ambler Keenan Mitchell Johnson for a consultation on your specific needs.5 Popular Estate Planning Terms

• Will
• Living  Trust
• Power of Attorney
• Probate
• Trust Administration

These may sound like common terms, but do you really know what they mean and how they can affect your estate planning?Living TrustA living trust is also called an intervivos trust. This kind of trust is created while you are still living, as opposed to being created at your death. A living trust is not for everyone. Make sure you consult with an attorney who can look at your assets and distribution wishes to see if it would be a good option for you.Why Create a Living Trust?One of the main reasons a living trust may be the best choice for some people is to put property in that trust. By doing this, it may avoid the property having to go through probate. Other people find benefits of reducing estate taxes or setting up long-term management of their property through creating a living trust.Just as there are benefits to creating a living trust, there may be cons to it as well.  It is important you meet with an experienced estate planning attorney who can look at your wishes, and then draft a customized set of documents that meets your needs and budget.The experienced attorneys at Ambler Keenan Mitchell Johnson offer a free, one-hour initial estate planning consultation. At this meeting, they will discuss your needs, options, and pricing for living trusts and other estate planning documents.

Call 303-407-1542 to schedule your free estate planning consultation now!

Look for our next post on what a Power of Attorney is and how it can  play a part in your estate plan.