Meurer Law Offices, Denver, Colorado
A Revocable Living Trust is a legal document that shares many similarities with a will. It contains your instructions on what to do with your assets upon your death. However, unlike a will, this type of trust:
- Avoids the need to probate your estate
- Remains private whereas as probate records are public
- Can control all of your assets
- Can prevent the court from controlling your assets if you become incapacitated
- Can immediately pass your assets directly to your beneficiaries after your death
When you set up a Revocable Living Trust, assets are transferred from your name to the name of your trust, which you control. Legally, you no longer own anything so therefore there is nothing for the courts to administer when you die or become incapacitated. However, everything now belongs to your trust and you are the trustee. As the trustee of your own trust, you can do anything you did before including buying or selling assets, managing your money, giving gifts and investing.
A Revocable Living Trust operates under your social security number and you even file the same tax return. Nothing changes but the names on the titles of the assets. Commonly, you are also the first beneficiary of the trust and provisions within the document transfer the property to your heirs upon your death. In the meanwhile, you manage all assets and property for your beneficiaries.
The trust agreement also outlines details on your rights to change the trust, the duties of the trustee, how to distribute your property, how to provide for your family and when and how to select a trustee.
If you’d like to know if a Revocable Living Trust is the right option for your estate, contact our attorneys at the Meurer Law Offices. We will walk you through everything you need to know and put together all documents required to properly set up your trust. Our focus is protecting your lifetime of hard work.
Call or contact our offices today to schedule your free consultation: 303-991-3544