Trusts are legal documents that give the document holder that allows a third party to hold assets on behalf of a beneficiary or beneficiaries.

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Wills vs Trusts: Understanding Your Options Before It’s Too Late

When it comes to estate planning, many people know it’s important but still delay starting the process. Often, this hesitation stems from confusion about estate planning options like wills and trusts—or the belief that there’s always more time.

The truth is, having a plan in place protects your loved ones and ensures your wishes are honored. Whether you choose a will, a trust, or both, understanding the differences between these tools is the first step toward creating a comprehensive estate plan. Let’s take a look at some scenarios to better understand how each option works.

Scenario 1: Passing Away Intestate

Dying intestate means you pass away without a will or trust. In this case, the court steps in to determine what happens to your accounts and property. This process, called probate, can be time-consuming, costly, and public.

What Happens in Probate:

  • Court-Controlled Decisions: State law determines who inherits your assets, typically prioritizing a surviving spouse, children, or other close relatives.
  • No Protections for Heirs: Adult children inherit their share immediately. For minors, a court-appointed guardian manages their inheritance until they come of age—often with no safeguards against squandering or creditors.
  • Public Disclosure: Probate records are public, meaning anyone can access details about your assets, debts, and beneficiaries.
Bottom Line: Without an estate plan, state laws and the court decide how to distribute your assets, who manages your children’s inheritance, and even who raises them if they’re minors. This may not align with your wishes.


Scenario 2: Dying with a Will

A will provides clear instructions about how you want your assets distributed and who you want to manage your affairs. However, assets governed by a will still go through the probate process.

Benefits of Having a Will:

  • Control Over Asset Distribution: A will allows you to name specific beneficiaries and dictate how and when they receive their inheritance. For instance, you can set up a testamentary trust to provide financial oversight for your children until they reach a certain age.
  • Guardianship Nominations: A will lets you nominate guardians for your minor children, ensuring the court considers your wishes when making a decision.
Bottom Line: While a will gives you more control than dying intestate, it doesn’t avoid the probate process, which remains public and subject to court oversight.

Scenario 3: Creating a Trust

A revocable living trust offers the most flexibility and privacy in estate planning. Unlike a will, assets owned by a trust bypass probate entirely, allowing for a smoother transition of property.

Key Advantages of a Trust:

  • Avoids Probate: Assets owned by the trust are not subject to probate, keeping your financial matters private.
  • Greater Control: A trust lets you set detailed terms for how assets are managed and distributed. For example, you can ensure your children receive their inheritance gradually, protecting it from mismanagement or creditors.
  • Successor Trustees: You appoint a successor trustee to manage the trust if you become incapacitated or pass away, ensuring continuity without court intervention.

A Word of Caution:

For a trust to work properly, it must be funded. This means retitling assets in the trust’s name or naming the trust as a beneficiary where applicable. Any assets not included in the trust may still go through probate.

Bottom Line: A trust provides privacy, flexibility, and control over your assets while avoiding the delays and costs of probate. However, proper setup and funding are crucial for it to work as intended.

Why Choose a Will or Trust?

Every family’s situation is unique, which is why understanding the differences between wills and trusts is so important. A will provides a clear roadmap for how your assets are distributed and ensures your children are cared for, while a trust offers added privacy, control, and flexibility.

No matter which option you choose, having a plan in place helps your loved ones avoid unnecessary stress, delays, and costs during an already difficult time. By tailoring your estate plan to fit your needs, you can protect your family’s future and ensure your wishes are honored.

Ready to Take the Next Step?

At Williams Starbuck, we take the guesswork out of estate planning options. Whether you need a will, a trust, or a comprehensive plan that includes both, our team will guide you every step of the way.

Don’t wait until it’s too late—contact us today to start creating an estate plan that works for you and your loved ones.

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How to Stop Mail for a Deceased Loved One: 4 Simple Steps

When a loved one passes away, managing their affairs can be overwhelming, and stopping mail addressed to a deceased loved one is one of the many unexpected tasks you may face. Handling a deceased person’s mail is a critical step in closing their estate. From ensuring bills and important notices are received to stopping unwanted junk mail, following the right process makes this responsibility more manageable and efficient. Ready to take the first step?

Here’s how to manage mail for a deceased loved one in four straightforward steps.

  1. Notify the Post Office

The first step is to contact the deceased’s local post office and set up mail forwarding to your address. As the person responsible for handling their estate, you’ll need to monitor their mail to ensure you receive important documents like bills, bank statements, or refunds.

To notify the post office:

  • Visit your local post office in person.
  • Provide proof of your authority, such as a probate order or trustee certification (a death certificate alone is insufficient).
  • Complete a change-of-address request on behalf of the deceased.

Mail forwarding is usually valid for up to one year, so it’s a helpful way to stay on top of necessary tasks while avoiding delays.

2. Reduce Junk Mail

Dealing with catalogs, advertisements, and other unsolicited mail can feel like a waste of time. Luckily, there’s an easy way to stop junk mail from arriving. Register your loved one on the Deceased Do Not Contact (DDNC) list through DMAchoice.org.

Here’s how:

  • Visit the DDNC registration page.
  • Enter the deceased’s information.
  • Pay the $1 authentication fee.

This simple step can significantly reduce unwanted mail within three months, making your job a little easier.

3. Cancel Subscriptions and Notify Charities

If your loved one subscribed to magazines, services, or donated to charities, those organizations may continue to send mail unless notified. To stop these:

  • Contact the company directly and inform them of your loved one’s passing.
  • Provide documentation if requested.

Some organizations may even issue refunds for unused subscriptions, which can be returned to the estate. Taking this extra step ensures their affairs are tidied up and simplifies your workload.

4. Use “Return to Sender”

For any remaining mail that doesn’t require your attention:

  • Write “Deceased, Return to Sender” on the envelope.
  • Place it back in your mailbox for pickup.

This notifies senders that the recipient is no longer available and can prevent further correspondence.

Why This Matters for Estate Planning

Managing mail may seem like a minor detail, but it’s an important part of wrapping up a loved one’s affairs. As the executor or trustee, staying organized helps you fulfill your responsibilities efficiently and avoid complications down the road.

It’s also crucial to handle mail legally. Opening or reading someone else’s mail is a federal offense unless you are their legal representative. If you’re unsure how to handle specific correspondence, consult your local post office for guidance.

Planning ahead can make this process easier for your own loved ones. Thoughtful estate planning—including selecting decision-makers, creating wills or trusts, and organizing financial information—provides your family with a clear path during difficult times.

Let Us Help

At Williams Starbuck, we understand that managing a loved one’s estate is more than just a legal responsibility—it’s a way to honor their legacy. Our team specializes in guiding families through every step of estate administration, from practical tasks like mail management to complex legal considerations.

Ready to plan for your family’s future or need help with a loved one’s estate? Contact us today. We’re here to make the process easier, so you can focus on what matters most. 

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How to Choose the Initial Trustee of Your Trust

When establishing a trust, nominating a trustee is a crucial step. If you’re creating a revocable living trust, you will likely be the initial trustee. Additionally, it’s essential to name successor or backup trustees who can manage the trust’s affairs if you are unable to do so.

The trustee is responsible for managing the trust’s accounts and property, which includes:

  • Collecting income
  • Paying bills and taxes
  • Making investment decisions
  • Buying and selling property
  • Distributing funds to you and your beneficiaries according to the trust’s instructions
  • Keeping accurate records and ensuring everything is organized

Who Can Be Your Initial Trustee?

If you have a revocable living trust, you can serve as your own trustee. If you are married, your spouse can act as a co-trustee. This arrangement allows either spouse to manage financial affairs without interruption if the other cannot. Many married couples opt to serve as co-trustees, particularly if they have shared accounts and property.

However, you are not required to be your own trustee. Some individuals choose to appoint an adult child, trusted friend, or relative. Others prefer a professional or corporate trustee, such as a bank trust department or trust company, for their experience and investment expertise.

Nominating someone else as trustee or co-trustee does not mean you lose control. The trustee must follow the instructions outlined in your trust and may need to report back to you. You can also replace your trustee if needed.

When to Consider a Professional or Corporate Trustee

A professional or corporate trustee may be valuable in several situations. If you are elderly, widowed, or in declining health with no children or trusted relatives nearby, a professional trustee can provide peace of mind that your affairs are being handled appropriately. Alternatively, you may simply prefer not to manage investments yourself, regardless of your age or health status.

Certain irrevocable trusts may prohibit you from acting as a trustee due to tax law restrictions. In these cases, a professional or corporate trustee may be the best choice, as they have the expertise and resources to manage your trust effectively and help you meet your investment goals.

What You Need to Know About Fees

Professional or corporate trustees typically charge a fee based on the value of the trust’s accounts and property. While these fees can be significant, they may be worthwhile given the trustee’s experience, the quality of services provided, and the potential investment returns they can generate.

Actions to consider: 

  • Evaluate Your Ability: Honestly assess whether you are the best choice to be your own trustee. Someone else may manage your investments more effectively. If you choose to be the trustee, consider hiring financial advisors to assist you.
  • Consider a Co-Trustee: Nominating someone as a co-trustee can help them learn about your trust and its management while allowing you to evaluate their capabilities.
  • Evaluate Candidates Realistically: When selecting a trustee, be cautious. Financial management skills do not necessarily correlate with birth order or family dynamics.
  • Research Professional Trustees: If considering a professional or corporate trustee, interview several candidates to compare their services, investment returns, and fees.

Get the Support You Need

We can help you select, educate, and advise your successor trustees, ensuring they know how to fulfill your wishes. Give Williams Starbuck a call today!

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How to Choose a Conservator for Yourself

Every day, we make countless decisions, from what to have for breakfast to where to take our next vacation. But what happens when you’re unable to make those decisions for yourself? Who will step in to make day-to-day choices on your behalf? How do you choose a conservator for yourself?

What Is a Conservator?

A conservator is a court-appointed agent who takes control of your financial affairs when you are unable to manage them yourself. Depending on state law, this role may be called a guardian or guardian of the estate. The court will grant the conservator the authority to act on your behalf, ensuring your financial needs are met. Many jurisdictions prioritize individuals designated as agents or conservators in a financial power of attorney, underscoring the critical importance of preparing this document in advance.

The Importance of a Financial Power of Attorney

If you’ve recently updated your estate plan, you may have signed a financial power of attorney (POA), authorizing a trusted person to manage tasks like signing checks, opening accounts, managing property, and handling contracts. It’s a lifesaver if you can no longer handle these tasks yourself.

Understanding the Need for a Conservator

If you can’t make decisions, your loved ones may need to petition a judge to appoint a conservator. To avoid this, appoint an agent in your financial power of attorney and, if allowed, nominate a conservator through a document like a declaration of preneed guardian (name varies by state).

The Risks of Not Having a Plan

If you lack a financial power of attorney or similar documents, each state has laws outlining who may serve as a conservator. This could lead to an undesirable situation where someone you wouldn’t have chosen—like an estranged relative—manages your affairs. A financial power of attorney allows you to clearly communicate your wishes to the court.

Key Questions to Consider When Choosing a Conservator

To ensure you are cared for by someone you trust when you can no longer manage on your own, consider the following questions when evaluating potential candidates:

• Do they have the time? Often, the most capable and knowledgeable individuals are also the busiest. Ensure they can dedicate the necessary time to fulfill their responsibilities.

• Do they live nearby? Even in our digital age, some matters may require in-person interaction. A conservator who lives far away may struggle to carry out their duties effectively without incurring unnecessary costs or delays.

• Does your chosen conservator have the necessary skills? They should be organized, detail-oriented, and able to communicate effectively. An unreliable or scattered individual is unlikely to be a strong advocate for your interests.

Get Help When You Need It

If you have any questions or would like to discuss whom to appoint for this important role, don’t hesitate to contact the team at Williams Starbuck today! We’re here to help.

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What to Do with Grandma’s Ring: Navigating the Division of Personal Property in an Estate

When a beloved family member passes away, the memories they leave behind often evoke feelings of warmth, nostalgia, and even bittersweet moments. Amidst the emotions, however, there comes the practical challenge of dividing their personal property in their estate, particularly sentimental items like Grandma’s cherished ring. Understanding how to navigate this delicate process can help ease tensions and honor your loved one’s wishes.

Balancing Emotional and Financial Value

Estate planning discussions often center on large assets such as homes, cars, and financial accounts. Yet, smaller personal items in an estate can carry significant weight—both emotionally and financially. Heirlooms like Grandma’s ring, a cherished watch, or a treasured piece of furniture may hold deep sentimental value, sometimes even surpassing their monetary worth. When an estate plan doesn’t clearly account for such items, disputes can arise, straining relationships and complicating the probate process.

Deciphering Residuary Clauses: Understanding the Fine Print

Many wills and trusts distribute personal property through a residuary clause, which directs how to handle remaining assets after specific bequests are fulfilled. If a single beneficiary inherits the residuary estate, the process is straightforward. However, when multiple beneficiaries are involved, the division becomes more complex. Differing perspectives on the sentimental value or monetary worth of certain items can lead to disagreements.

Resolving Conflicts Among Beneficiaries

When several family members have their eyes on the same keepsake, open communication becomes essential. Resolving conflicts may involve:

  • Negotiating Trades: Beneficiaries may agree to swap items of comparable sentimental or financial value.
  • Selling and Splitting the Proceeds: If no resolution is reached, selling the item and dividing the proceeds evenly can serve as a fair compromise.
  • Drawing Straws or Random Selection: As a last resort, beneficiaries can use this method when all other options have been exhausted.

If disputes persist, the executor or trustee overseeing the estate may step in to mediate and help facilitate an agreement.

The Importance of a Comprehensive Estate Plan

The best way to avoid conflicts over personal property is to have a thorough estate plan that clearly outlines your intentions. Proactively discussing your wishes with loved ones and considering gifting certain items during your lifetime can prevent future misunderstandings. Providing clear instructions for sentimental possessions ensures family heirlooms are passed down as intended, preserving harmony.

Seek Professional Guidance for a Smooth Process

Dividing personal property in an estate, particularly sentimental items, requires careful planning, clear communication, and often legal expertise. To navigate this process smoothly and honor your loved one’s wishes, consider seeking guidance from a qualified estate planning attorney. At Williams Starbuck, we specialize in creating comprehensive estate plans and assisting with the administration of estates. Contact Williams Starbuck today to schedule a consultation and learn how we can help you protect your family’s legacy.

Special Needs Planning: Protecting the Future of Your Loved Ones

Special needs planning is crucial for providing ongoing support while maintaining eligibility for essential government benefits. Here’s a breakdown of key aspects and steps to creating an effective plan.

Key Aspects of Special Needs Planning

  • Special Needs Trust: Set up a special needs trust to offer financial support without affecting eligibility for benefits like Medicaid and SSI. This trust ensures access to funds for care and personal needs.
  • Long-Term Care: Plan for ongoing care expenses, including medical needs, housing, and personal support services. Make sure your financials can cover these long-term requirements.
  • Choosing a Trustee: Pick a trustworthy and capable trustee to manage the special needs trust. This person or institution will handle funds appropriately, aligned with your loved one’s needs.
  • Government Benefits: Learn how your financial plans affect eligibility for government assistance. Adjust your strategies to ensure uninterrupted support for your loved one.

Steps to Create a Plan

  1. Consult with an Attorney: Work with an attorney who specializes in special needs planning to develop a comprehensive plan that addresses all aspects of your loved one’s future.
  2. Set Up a Special Needs Trust: Create a trust that will provide financial support while preserving eligibility for government benefits. Structure the trust to meet your loved one’s specific needs.
  3. Develop Financial and Care Plans: Outline how to use funds and manage care. Include provisions for any unexpected changes.
  4. Communicate with Family Members: Discuss your plans with family members to ensure everyone understands their role and responsibilities in your loved one’s care.
  5. Review and Update Regularly: Periodically review and update to reflect changes in your loved one’s needs or financial situation.

Get Support Now

These steps are vital for ensuring a stable and supportive future for your loved one. For personalized guidance, contact Drew Starbuck at Williams Starbuck Attorneys at Law at 720-320-7755 to schedule a consultation and secure your loved one’s future.

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The Role of Trusts in Estate Planning: Revocable vs. Irrevocable

Trusts are a fundamental tool in estate planning, offering numerous benefits such as avoiding probate, minimizing taxes, providing organization, and maintaining control over your assets. At its core, a trust is a legal document that outlines your wishes, guiding your loved ones on what to do and when.

Understanding Revocable vs Irrevocable Trusts

While there are many types of trusts, the primary distinction lies between revocable and irrevocable trusts. Each serves a different purpose and offers unique benefits.

Revocable Trusts: Flexibility and Control

Revocable trusts, often referred to as “living trusts,” are designed to benefit you during your lifetime. The key advantage of a revocable trust is its flexibility; you can alter, change, modify, or even revoke the trust entirely if your circumstances or goals change.

  • Control: With a revocable trust, you retain full control over the assets. You can transfer property in and out of the trust, serve as the trustee, and be the primary beneficiary.
  • Successor Trustees: You can appoint successor trustees to manage the trust if you become incapacitated or upon your passing, ensuring that your assets are handled according to your wishes without court intervention.
  • Avoiding Probate: Assets held in a revocable trust bypass the probate process, making it more difficult for creditors to access them. This protection is a significant advantage for those looking to safeguard their beneficiaries’ inheritances.

Irrevocable Trusts: Enhanced Protection and Tax Benefits

In contrast, irrevocable trusts involve transferring assets out of your estate and into the trust’s name. Once established, you cannot alter, change, modify, or revoke the trust, making it a more permanent arrangement.

  • Asset Protection: Irrevocable trusts provide greater asset protection, keeping your assets out of reach from creditors.
  • Tax Reduction: Because the assets are no longer considered part of your estate, they often reduce estate taxes.
  • Trust Protectors: Although you lose direct control, trust protectors can make adjustments if your original intentions become unfeasible due to changes in law or circumstances.

Which Trust is Right for You?

Choosing between a revocable and irrevocable trust depends on your unique needs and goals. As experienced estate planning attorneys, we can help you determine which option best fits your situation. Contact Drew Starbuck at 720-660-9847 to schedule an appointment and ensure your estate is in good hands.

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What Are Unmarried Couples’ Rights When One Of Them Dies In Las Vegas?

Wondering about an unmarried couple’s rights when one of them dies in Las Vegas? Here’s what to know and how an estate planning attorney can help.

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Estate Planning for Military Families

Although Memorial Day just passed, it is important to honor those that have served our country. This time is also an opportunity for members of the military and their loved ones to consider setting up an – or revising an existing – estate plan. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members are deployed overseas. Beyond this, members of the military have access to special benefits and resources. This can become complicated and, for this reason, it’s important to seek specialized help if you are a military family. Whether you are just starting in the military or a seasoned veteran, below are some common factors to consider for your estate planning needs.

Important Factors to Consider 

Everyone’s estate plan should be customized to the person’s particular circumstances. Some factors that should be considered include whether you:
  • Own real property and, if so, if the real estate is located in different states;
  • Are married;
  • Have minor children, or children with special needs;
  • Have money set aside in 401(k), IRAs, or thrift savings plans;
  • Plan to give to charity; and
  • Are moving multiple times across states or to different countries.

Estate Planning Necessities 

There are many benefits offered to military families that can help with estate planning. These include:

Life Insurance

An important part of an estate plan and intended for those who are financially dependent upon you, life insurance is especially important if a member of the military is heading out to a combat zone. Active-duty members have access to low-cost life insurance for themselves and loved ones from Service Members’ Life Insurance Group. More information can be found on the Department of Veterans Affairs website. When examining your life insurance, work with us to make sure that the beneficiary designation works the way you expect it to.

Wills and Trusts

A last will and testament to whom and how you want your property distributed, names who will administer your estate and specifies who will care for a minor or special needs child. A trust, on the other hand, is a separate legal entity that can hold property and assets for the benefit of one or more people or entities. For most families, a trust-centered estate plan is a better fit, but a will can work for some families.

Other Benefits for Survivors

Survivor benefit plans (SBP) are pension-type plans in the form of an annuity that will pay your surviving spouse and children a monthly benefit. Likewise, dependency and indemnity compensation (D&IC) provides a monthly benefit to eligible survivors of service members or veterans (1) who die while on active duty, (2) whose death is due to a service-related disease or injury or (3) who are receiving or entitled to receive VA compensation for service-related disability and are totally disabled. When you are examining any financial services or insurance product, it’s a good idea to work with us to make sure any beneficiary designations work the way you expect and provide the maximum benefit to your family.

You Need Specialized Help 

Members of the military often experience frequent moves, have access to lots of government benefits after service, and can be subject to some unusual tax rules. For these reasons, estate planning for military families is more complicated than most. You can expect an estate planning professional to assist you with setting up the following:
  • Powers of attorney for limited and general financial matters, as well as health care decisions (very helpful when a spouse is deployed);
  • Funeral and burial arrangements;
  • Wills and living wills;
  • Organ donation;
  • Family care plans;
  • Life insurance;
  • Trusts;
  • Estate taxes;
  • Survivor benefits;
  • Estate administration and/or probate.
An estate plan has multiple objectives: to provide for your family’s financial security, ensure your property is preserved and passed on to your beneficiaries, and determine who will manage your assets upon your death, among others. As a former United States Marine, I am here to help guide you through the best options available to you and your family. Contact us to start creating an estate plan today!

3 Reasons To Modify An Irrevocable Trust

Irrevocable trusts in Las Vegas

Did you know that irrevocable trusts can be modified? If you didn’t, you’re not alone. The name lends itself to that very belief. However, the truth is that changes in the law, family, trustees, and finances sometimes frustrate the trust-maker’s original intent. Or, sometimes, an error in the trust document itself is identified. When this happens, it’s wise to consider trust modification, even if that trust is irrevocable. It’s important to know when to modify an irrevocable trust.

 3 Reasons You Should Modify an Irrevocable Trust

Here are three examples of when an irrevocable trust can, and should, be modified or terminated:

1. The Tax Law Changed

Adam created an irrevocable trust in 1980 which held a life insurance policy excluding proceeds from his estate for federal estate tax purposes.  Today, the federal estate tax exemption has significantly increased making the trust unnecessary. 

2. Your Family Circumstances Changed

Barbara created an irrevocable trust for her grandchild, Christine. Now an adult, Christine suffers from a disability and would benefit from government assistance. Barbara’s trust would disqualify Christine from receiving that assistance.

3. An Error Was Discovered 

As part of his estate planning, David Sr. created an irrevocable trust to provide for his numerous children and grandchildren. However, after the trust was created, his son (David Jr.) discovered that his son (David III) had been mistakenly omitted from the document. 

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Are You Sure Your Irrevocable Trust Is Current?

If you’re not sure an irrevocable trust is still a good fit or if you wonder whether you can receive more benefits from a trust, we’ll analyze the trust. Perhaps irrevocable trust modification or termination is a good option. Making that determination simply requires a conversation and a look at the document itself. Please call our office now to schedule a chat. We are here to help you with when to modify an irrevocable trust.

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