Our Centennial Living Trust Attorney Explains the Basic Steps
We recommend making sure you have an estate plan or updating your estate plan if needed due to the current COVID pandemic.
A revocable living trust can help settle your affairs when you pass away. Specifically, a revocable living trust lists properties and assets assigned to the trust, the trustee and your designated beneficiaries. Your beneficiaries are people or entities who receive your properties and assets in accordance with the trust.
Below, our Centennial living trust attorney explains some of the basic steps for creating a revocable living trust.
Why Should I Create a Revocable Living Trust?
Before we discuss how to create a revocable living trust, much can be said about why you should create one in the first place. If you do not have an estate plan in place when you pass away, then your properties pass through probate court. The probate court decides how to resolve any issues with your estate, which may not always be in accordance with your wishes.
If you create a revocable living trust and pour-over last will, you can stipulate how you want your estate handled after your passing, your “Rulebook.”. As a result, properties and assets named in the trust do not have to pass through probate court. This can simplify matters for your family members, especially if you have a complicated estate. Probate court can sometimes be a stressful process for your loved ones. We recommend simplifying or avoiding the probate process by creating a revocable living trust.
By creating a revocable living trust, you control how your assets pass to your beneficiaries, in order to protect their inheritance only for them. You can also modify a revocable type of trust at any time while you are still alive.
The Steps for Creating a Revocable Living Trust in Colorado
We strongly recommend working with an attorney to create a revocable living trust. As we state on our website, you need to retitle and transfer properties you plan to name in the trust. You may need to transfer the beneficiary of a life insurance policy and place the title of your home into the trust.
Some of the steps associated with creating a revocable living trust in Colorado include:
- Taking an inventory of properties you plan to transfer to the trust.
- Transferring properties into the trust.
- Selecting a trustee.
- Creating the trust document.
- Choosing your beneficiaries (the people who receive property from the trust).
- Signing the trust document. This must be done in front of a notary public.
- Funding the trust.
We also recommend creating a pour-over last will with the living trust to avoid any issues that may arise with coming into possession of new properties after creating the trust, or if you incorrectly fund an asset to your trust. Our Centennial trust attorney can help you review options for creating a living trust and will. There are also potentially other trust options you could use, such as an irrevocable living trust. We can help you review the best options for your situation.
Contact Our Centennial Living Trust Attorney for More Information
Our Centennial living trust attorney can help you create a revocable living trust and will in Colorado. If you have any questions about the process or want to create an estate plan, then we encourage you to call us by dialing (720) 613-2633 or by using the contact form on our site.