Denver Revocable Living Trust Attorney

A revocable living trust is a powerful estate planning tool that provides control and flexibility over how and when your assets are distributed upon your death. Unlike other types of trusts, a revocable living trust allows you to make changes or revoke the trust entirely during your lifetime, ensuring that it adapts to your evolving circumstances. At Evans Case, we understand how crucial it is to have a plan that reflects your wishes and provides peace of mind for the future. Our team is committed to helping you create a customized trust that aligns with your needs and goals.

In addition to establishing revocable living trusts, our skilled Trust Attorneys can assist with other important estate planning documents, such as Wills and Powers of Attorney. These tools work together to ensure that your assets are managed appropriately, and your healthcare and financial decisions are handled by trusted individuals should you become incapacitated. Whether you need to draft a new trust or revise an existing one, our Denver team provides the expertise and support you need to navigate the process confidently.

For those with more complex estate planning needs, such as business ownership or intergenerational wealth transfer, we also offer guidance on structuring a Family Limited Partnership (FLP). An FLP can complement a revocable living trust by providing additional protections for family assets, minimizing tax exposure, and ensuring smooth transitions across generations. Our Family Limited Partnership Attorneys are experienced in crafting strategies that secure your legacy and meet the unique needs of your family.

At Evans Case, we take pride in delivering comprehensive estate planning solutions that empower you to protect what matters most. Whether you’re seeking to create a revocable living trust, designate a Power of Attorney, or explore advanced planning tools like FLPs, our attorneys are here to guide you every step of the way. Contact our Denver team today to begin planning for your future with confidence and clarity.

Benefits of a Revocable Living Trust

There are a number of benefits that a revocable living trust has to offer. One of the most appealing advantages of a revocable living trust is the ability to avoid probate, or the legal process of distributing the assets of a deceased individual under court supervision. Placing your assets in a revocable living trust allows you to bypass the probate process in Denver.

Aside from the possibility of avoiding probate, a revocable trust also gives the grantor the flexibility to modify or revoke the trust at any given time. This can be beneficial after major life events like a marriage or a birth where the grantor would want to make adjustments to the terms of the trust to more accurately reflect their best interests. The flexibility that a revocable living trust offers is what makes it such an inviting option.

A revocable living trust also offers more privacy than a will. The terms of a trust remain private. The trustee is responsible for administering the trust, which includes paying debts and distributing assets, all without the need for court interference. A will, on the other hand, becomes public record upon your death. This is a useful feature for families in Denver who wish to keep the details of their asset distribution and estate confidential.

Disadvantages of a Revocable Living Trust

While there are plenty of advantages to a revocable living trust, there are some disadvantages to consider as well. For instance, the cost of creating and funding a revocable trust can outweigh the cost of a will, especially if you require the assistance of an attorney when drafting the trust.

Aside from just the expensive upfront costs of creating the trust, a revocable living trust demands ongoing attention. Not only will you need to make sure that all of your assets are properly transferred into the trust initially, but you will need to continually add new assets as they are acquired. Any assets that are not properly transferred into the trust may be subject to going through probate.

With an irrevocable trust, your assets are removed from your taxable estate once they are transferred. This is not the case with a revocable living trust. With a revocable trust, beneficiaries will not benefit from any reduced estate taxes upon your death. Additionally, creditors will still be able to reach the assets within the trust.

Speaking with a qualified revocable living trust attorney is a great way to decide what kind of trust is right for you. A revocable living trust offers some tremendous advantages, though choosing the right kind of trust depends on your needs and long-term goals. For assistance deciding if a revocable living trust is right for you and your family, we strongly urge you to contact us to schedule a consultation. Our Denver revocable trust attorneys are here to help you every step of the way.

Difference Between a Revocable and Irrevocable Trust

We mentioned above how a revocable trust does not offer the same asset protection that an irrevocable trust does. However, familiarizing yourself with some of the key differences between the two will go a long way in helping decide which kind of trust is best for you. The main difference between a revocable and an irrevocable trust is the flexibility that each one offers.

We know that a revocable living trust is able to be modified or revoked at any given time. Although, an irrevocable trust does not offer that same flexibility. With a revocable trust, you are able to add and remove beneficiaries, manage the distribution of assets, or even choose to dissolve the trust entirely if you so desire. You are able to maintain full control of your assets with a revocable trust and continue to manage them however you choose.

Irrevocable trusts are not able to be modified or revoked once they have been created. With an irrevocable trust, you relinquish full control of your assets, and they are no longer considered a part of your taxable estate. One of the primary benefits of an irrevocable is the reduced estate taxes that it offers.

The decision between a revocable and irrevocable living trust ultimately depends on your long term estate planning goals. For those who wish to maintain more control over their assets, a revocable living trust is the more practical option. However, for those who are more intrigued by tax benefits and asset protection, an irrevocable trust is a more reasonable choice. Whatever your individual goals and wishes may be, our Denver team of living trust attorneys will help you decide what option is best for you. We are here to provide exceptional legal guidance throughout the entire process and ensure that you can plan for your future the way you want.

Why Avoid Probate?

Avoiding probate is one of the most enticing benefits that a revocable living trust has to offer. But why would you want to avoid probate? Probate is a costly and arduous process that can take years to complete.

Probate is a court-supervised process that oversees the distribution of a deceased person’s assets when a will does not exist. It is a time consuming process that can take anywhere from several months to multiple years to finish. Additionally, several fees are usually incurred during the probate process, including court costs, attorney fees, executor fees, and more. Not only does the cost start to quickly add up, but it also diminishes the share for all of the beneficiaries.

Placing your assets in a revocable living trust is a great way to avoid this process altogether. Without probate, assets are distributed directly to your beneficiaries upon your death without the need for court interference, thus reducing legal costs and speeding up the distribution process. As we mentioned before, bypassing the probate process also offers additional privacy. When having to go through court, all information about the deceased’s assets becomes public record. A revocable living trust keeps the details of your Denver estate private.

How to Create a Revocable Living Trust

When creating a trust, it is important to make sure that you are in compliance with Colorado state laws and that all information is clear and accurate. Working with an experienced living trust attorney in Denver is a great way to ensure that no mistakes are made and the trust is properly established.

The first step in creating a revocable living trust is drafting the trust document. This document outlines the terms of the trust, the assets within, and the beneficiaries who will be receiving those assets. This document also identifies the trustee, who will be responsible for managing the trust and distributing assets upon your death. A clearly defined trust is essential for avoiding any potential legal troubles or disputes down the road.

Next, you will appoint a reliable successor trustee who will be responsible for managing the trust and carrying out your best wishes. The trustee can be a loved one or family member, or you can go through a trust institution.

After a trust document has been drafted and a trustee is assigned, the trust needs to be funded. This step involved transferring ownership of your assets into the trust. These assets generally include things like real estate, bank accounts, investment accounts, and more. One of the biggest benefits of a revocable trust is that it allows you to add newly acquired assets, so it is important to transfer any additional assets into the trust in order to avoid probate.

Once the trust has been established, it is important to regularly update and manage it. If any circumstances or estate planning goals change, you are able to modify the trust to better reflect your interests. Some examples may include adding new assets or updating the beneficiaries.

If you are interested in creating a revocable living trust in Denver, reach out to the dedicated team of attorneys at Evans Case. Our revocable living trust attorneys are here to help you with all your trust and estate planning needs. For more information on how we can be of service, schedule a consultation and speak with one of our attorneys today.

What Kind of Assets Should You Include In Your Trust?

There is a wide range of assets that you are able to include in a revocable living trust. Some of the most commonly transferred assets include real estate, bank accounts, investment accounts, businesses, and personal property.

Any real estate property, including your home, vacation properties, or any other piece of real estate, can be transferred into your revocable living trust. Real estate is one of the most common assets to include in a trust. With revocable trust, your property will be able to be distributed to beneficiaries upon your death without the need to go through probate. Checking and savings accounts are also commonly transferred into a revocable trust. Some banks have specific requirements or regulations regarding transferring certain accounts into a trust. Retirement accounts are typically not able to be transferred into a trust.

Similar to bank accounts, investment accounts can also be transferred into your trust. Stocks, bonds, mutual funds, and other investments are able to be transferred. Transferring your investment accounts into your trust is a great way to ensure that your portfolio is properly managed in accordance with the trust and can be easily and smoothly distributed among your beneficiaries.

Personal property like jewelry, artwork, or family heirlooms can all be included in the trust. Doing this assures that your property will be distributed according to the terms of your trust. If you own a business, you may be able to transfer ownership into the trust so that it can continue to be managed according to your wishes upon your death.

For assistance deciding what assets are best to transfer into your revocable living trust, consult with the attorneys at Evans Case. Our Denver team of revocable trust attorneys will help guide you through the process and manage the assets in your trust. If you are beginning the process of creating a trust or have questions about what assets make the most sense to transfer, give us a call and see how we can help make a difference.

How Can Evans Case Help With Your Revocable Living Trust?

Whether you are interested in creating a revocable living trust or you need to modify or revoke an existing one, our attorneys are here to help. From estate planning to trust administration to elder law and more, the trusted team of attorneys at Evans Case have been proudly serving Denver for decades and are committed to providing exceptional legal support. We are here to make sure that you can properly plan for your future and manage your assets confidently and carefully.

A revocable living trust is a great way to maintain control over your assets while planning for your future. Our Denver attorneys are here to help you decide what kind of trust is best for you and your loved ones. For more information about how we can help draft, modify, or revoke your trust, call us today and speak with one of our experienced attorneys.

Frequently Asked Questions

How does a revocable living trust differ from a will in Colorado?

In Colorado, a revocable living trust and a will are both estate planning tools, but they function differently. A will becomes effective upon death and must go through probate, a public legal process that can be time-consuming and costly. In contrast, a revocable living trust is established during your lifetime, allowing you to transfer assets into the trust and manage them as the trustee; upon your death, the assets pass directly to beneficiaries without probate, maintaining privacy and potentially expediting distribution. Additionally, a trust can provide for management of your assets if you become incapacitated, whereas a will does not address this scenario.

Can I serve as my own trustee for a revocable living trust in Denver?

Yes, in Denver, you can serve as your own trustee for a revocable living trust. This arrangement allows you to retain full control over the trust assets during your lifetime, with the flexibility to modify or revoke the trust as your circumstances change. It's important to appoint a successor trustee who will manage the trust upon your incapacity or death, ensuring continuity in asset management and distribution according to your wishes. Consulting with an experienced estate planning attorney can help ensure that your trust is properly structured and aligns with Colorado laws.

Are there tax benefits to establishing a revocable living trust in Colorado?

Establishing a revocable living trust in Colorado does not provide significant tax benefits during your lifetime, as the IRS considers the trust's assets as your own for income tax purposes. This means you'll report income generated by trust assets on your personal tax returns. However, a revocable living trust can facilitate smoother asset transfer upon death, potentially reducing estate settlement costs and time. For substantial tax advantages, other estate planning tools, such as irrevocable trusts, may be more appropriate, but they come with different considerations and limitations.

How can I set up a revocable living trust in Denver, Colorado?

To set up a revocable living trust in Denver, Colorado, begin by deciding which assets to include and identifying your beneficiaries. Next, draft the trust document, specifying terms and appointing yourself as trustee, with a designated successor trustee. After signing the document in front of a notary public, transfer ownership of the chosen assets into the trust, ensuring titles and deeds reflect the trust's ownership. Engaging an experienced estate planning attorney can help ensure the trust is properly established and complies with Colorado laws. For personalized assistance, please contact us.

Additional Information in Denver, Colorado

SmartAsset - How to Create a Living Trust in Colorado: Provides a step-by-step guide for establishing a living trust in the state. It explains the benefits of a living trust, such as avoiding probate and maintaining privacy, and outlines the process of selecting assets to include, naming beneficiaries, and appointing a trustee. The article also discusses the importance of properly funding the trust by transferring ownership of assets into it. By following this guide, individuals can create a revocable living trust that aligns with Colorado laws, ensuring their estate is managed according to their wishes and potentially simplifying the distribution process for their heirs.

EstatePlanning - The Benefits of Revocable Living Trusts: Outlines the advantages of establishing a revocable living trust. It explains that such a trust allows individuals to maintain control over their assets during their lifetime, with the flexibility to modify or revoke the trust as circumstances change. Upon death, the assets held in the trust can bypass the probate process, leading to a more efficient and private distribution to beneficiaries. Additionally, the trust can provide for the management of assets in the event of incapacity, ensuring that one's financial affairs are handled according to their wishes. This resource is valuable for understanding how a revocable living trust can streamline estate planning and protect assets for future generations.

Investopedia - Should You Set Up a Revocable Living Trust?: Comprehensive overview of revocable living trusts, detailing their structure, benefits, and considerations. It explains that a revocable living trust is a legal document created by an individual, allowing them to manage their assets during their lifetime and specifying how those assets should be distributed upon death. One of the primary advantages highlighted is the ability to avoid probate, ensuring a quicker and more private transfer of assets to beneficiaries. The article also discusses the flexibility of revocable trusts, noting that they can be amended or revoked by the grantor at any time, providing adaptability to changing circumstances. Additionally, it addresses potential drawbacks, such as the costs associated with setting up and maintaining the trust, and emphasizes the importance of properly funding the trust to ensure its effectiveness. This resource is valuable for individuals considering a revocable living trust as part of their estate planning strategy, offering insights into its functionality and implications.