Centennial Revocable Living Trust Attorneys
Consider a Revocable Living Trust for Your Estate Plan
A revocable living trust is a legal document signed by the trust maker and trustee. It lists the property assigned to the trust, the trustee, and the name of the beneficiaries of the property held by the trust after the trustee dies. The trustee exercises control over the property. Consequently, it often is the same as the trust maker until their incapacity or death. At Skipton Law, LLC, our Centennial revocable living trust attorneys help clients with several aspects of estate planning, including revocable living trusts.
Do I Need a Revocable Living Trust?
We recommend estate planning for anyone with minor children. This plan ensures that the children have trustworthy guardians after their death. Additionally, we recommend this trust for clients with complex estates who want to avoid probate or lingering disputes among potential heirs. Many parents may assume they know who will take care of their minor children if both parents pass away. However, proper estate planning, will ensure that is the case. We can help you to address just about any issue you might face at incapacity or after death.
What Are the Benefits of a Living Trust?
The general rule is that larger estates and those with young children are better off with a revocable living trust than with a will. The appointed trustee of the trust can immediately take charge. This then allows the trustee to distribute assets as needed. It can also allow the trustee to start making plans before your death, in case of illness or incapacitation. But, it really depends on how we set up the trust.
All assets funded to a trust avoid probate. Probate can take months or even years if the will is disputed. This then delays the distribution of property, which is a major problem when you involve children. The trustee of a revocable living trust in Colorado and the named guardian can quickly use trust assets to provide for the children as instructed.
Do you hold property in more than one state? If so, then with a will, the property will have to go through probate in each state separately. Distributing property to beneficiaries through a trust will avoid probate and save money. Unlike a will, living trusts do not generally become public after the settlor’s death.
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. 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.
Start your estate planning today with a seasoned Centennial revocable living trust lawyer at Skipton Law, LLC! Contact us via form or call (720) 770-3880 for a consultation.
How Do I Create a Revocable Trust?
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.
What Are the Differences Between a Living Trust and a Will?
Some people confuse a revocable living trust with a will. Both allow a person to name their heirs, transfer property to their children upon their death, and allow you to revise them. However, a trust will allow a person to name guardians for their minor children, managers for the property until minors come of age, and instruct how to pay debts and taxes.
Even without minor children, there are significant differences. Living trusts will stay private even after a trustee’s death, whereas a will becomes a matter of public record.
Let Us Be Your Guide to Successful Planning. Contact Our Centennial Living Trust Lawyers Today.
Are you interested in creating a living trust for your estate near Centennial, CO? Our Centennial living trust attorneys can help you create a trust. Trusts are generally more complex than writing a will. In order to be funded, all of the property named in the document needs to be retitled and transferred into the trust. That can include things like transferring the beneficiary of a life insurance policy and placing the title of your home into the trust. Because of these types of nuances, our Centennial revocable living trust lawyers welcome clients into our law office when working out the details.
Our Centennial revocable living trust law firm is here to answer your questions. We can then create a legal document that protects your dependents, property, and legacy after you pass away. Call Skipton Law, LLC at (720) 770-3880 or contact us online today.
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