Vincent, Romeo & Rodriguez, LLC
Call Now, Free Initial 15 Minute Phone Consultation
Denver Metro Office 303-500-5859
Boulder County Office 303-720-7260

Estate planning and living trusts

Taking care of loved ones is often a primary concern in planning for the future. As a part of this process, some Colorado residents want to make sure that their assets are passed on without the headache or expense often associated with probate. Thus, they establish a living will as a part of their estate planning process.

Unfortunately, establishing the living trust is often where this process stops. When this happens, the funds to create the document have been spent, yet nothing has been done to protect the intended assets or individuals. In order for this to happen, the living trust must also be funded.

This means that ownership of the intended assets must actually be transferred into the trust. In other words, the title to real estate must be transferred to the trust and then properly filed with the state. Additionally, the title to vehicles must also be transferred to the trust and then properly filed with the state. As far as financial accounts go, the trust must be listed as an owner of the accounts. This can often be done by filing the appropriate paperwork with each financial institution.

When a living trust is established, the individual originally owning the assets typically acts as the trustee. However, a successor trustee needs to be identified. Additionally, this successor trustee should be made aware of the trust, agree to act as successor trustee and know how to access the trust. While a living trust is effective in avoiding probate and giving loved ones' privacy, it is only effective if it is properly funded and plans are in place for after the trust's creator is no longer able to manage it. An experienced estate planning attorney can guide the Colorado resident through the steps necessary to make this an effective tool.

Source: Forbes, "7 Big Estate Planning Mistakes", Bob Carlson, Feb. 28, 2018

No Comments

Leave a comment
Comment Information
Email Us For a Response

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location:

Louisville Office
1805 Hwy. 42
Suite 100
Louisville, CO 80027

Phone: 303-720-7260
Fax: 303-604-6052
Louisville Law Office Map

Englewood Office
5460 South Quebec Street
Suite 333
Englewood, CO 80111

Phone: 303-500-5859
Fax: 303-723-8814
Englewood Law Office Map

Phone Numbers:
Phone Numbers:
    • Super Lawyers
    • Super Lawyers
    • ACTEC | The American College Of Trust And Estate Counsel
    • Top Lawyers 2015 | 5280
    • ACTEC | The American College Of Trust And Estate Counsel
    • Top Lawyers 2015 | 5280
    • Life Care Planning Law Firms Association
    • National Academy of Elder Law Attorneys, Inc
    • NELF | National Elder Law Foundation