A revocable trust is a powerful tool for your estate plan. Whether you wish to avoid probate or protect assets for future generations, creating a revocable trust can help you reach your goals.
What is a revocable trust?
A revocable trust is a Colorado document that the grantor can amend or revoke whenever they wish. Creating a trust allows you to retain complete control of your assets as long as you live, and better control over the dispersal of those assets after you pass away.
How can you benefit from creating a revocable trust?
A revocable trust can provide many desirable features for your estate plan. Some benefits that a revocable trust may add include:
- Maintain your privacy: as trusts are not entered into court records trusts remain private and out of the public domain, unlike wills which anyone can read.
- Asset protection: assets that you wish to pass on to future generations such as a business can be protected from loss through divorces and lawsuits, or allow grandchildren to inherit directly.
- Avoid probate: assets in a revocable trust are not required to be probated and avoid probate tax.
- Tax planning: trusts can provide a way to tax plan for your beneficiaries.
- Appoint a trustee: you can empower your named trustee to handle your financial affairs privately and without involving the court.
Are your assets valuable enough for a trust?
Revocable trusts do not have a minimum value; it is a tool available to anyone so that they can manage their estate effectively and anyone who wishes to protect their beneficiaries.
Consider whether a revocable trust can help you reach your estate planning goals.