Retaining control over assets is a primary goal of many Colorado estate owners. There are numerous, valuable estate planning tools that can help a person accomplish their goals. For instance, a revocable trust lets an estate owner control what will happen to his or her property both while he or she is still living and after death.

Transferring assets into a trust’s name

When a person sets up a revocable trust, sometimes referred to as a “living trust,” he or she will then transfer assets to the trust’s name. An estate owner must appoint a trustee to oversee a living trust. A revocable trust can be changed while the estate owner is still living and in sound mind. An irrevocable trust, on the other hand, cannot be changed.

What types of assets can be transferred?

Many estate owners fund their living trusts with assets, ownership of a bank account, land or other property, a house, stocks, etc. It is not possible to transfer cash to a living trust. Money would be transferred through ownership of a bank account. A revocable trust can also help loved ones avoid the probate process, such as if an estate owner owns property in another state and wishes to transfer ownership through the trust. Such property would normally have to go through probate.

Specific state laws may apply

Some states, including Colorado, have unique revocable trust laws. In this state, a person seeking to open a living trust will want to closely review Title 15 laws first. It is helpful to seek support from an experienced estate law attorney who would be well-versed in revised or updated laws and can make recommendations about a living trust according to a particular person’s assets and estate planning goals.