Estate Planning Attorney Denver|Trusts & Wills|Revocable Trust

Meurer Law Offices, P.C., serves clients in Denver, Greenwood Village, Centennial, Aurora, Littleton, Englewood, Arvada, Westminster, Broomfield, Parker, Castle Rock, Lone Tree, Sheridan, Elizabeth, Kiowa, Lakewood, Parker, Highlands Ranch, Denver County, Arapahoe County, Adams County, Douglas County, Jefferson County, Colorado.

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Revocable Living Trust

A Revocable Living Trust is a legal document which contains your instructions of what you want to have happen to your assets when you die. However, unlike a Will, a Revocable Living Trust avoids Probate at death, can control all of your assets, and can prevent the court from controlling your assets if you become incapacitated.

When you set up a Revocable Living Trust, you transfer assets 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 which you control as 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. You as Trustee of your Trust manage your property for your beneficiaries. Commonly, you are also the first beneficiary of the Trust. Other provisions within the Trust transfer the property to your heirs upon your death. The Trust agreement provides 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.