A Colorado Revocable Living Trust Makes Good Sense
In general, there are two primary documents used to transfer your assets at your death, Wills and Trusts. Colorado estate planners differ in opinion as to which document is preferable. I believe there are advantages and disadvantages to both documents so I discuss how each would affect the client during an estate planning consultation. I do not think that there is only one choice that is right for everyone. I believe that both the Revocable Living Trust and the Last Will and Testament are valuable tools in estate planning. It is important for each of my clients to understand the advantages and disadvantages of each tool and to choose for themselves which document would work best for them.
Three advantages to a Revocable Living Trust:
- If your Revocable Living Trust is fully funded, your estate will not go through probate. Court costs and delays will be avoided.
- Your loved ones will appreciate the simple, speedy and inexpensive settlement of your estate.
- Distribution of your estate and payment of your bills will remain private.
Now that I have given you three good reasons for the use of a Revocable Living Trust, I will tell you that sometimes it is necessary or desirable to use a Last Will and Testament.
Three advantages to a Last Will and Testament:
- More people, including those at bank and investment companies, are familiar and comfortable with Wills and the process to transfer property pursuant to Wills.
- The time for creditors to file a claim against the estate is limited.
- An estate case is opened so it is easy to petition the court to help with resolving conflicts.
A good elder law attorney will be able to sort out which documents are most suited to your situation and beneficial for you. Any plan you choose will be better than having no plan.
This article was written by Tamra K Waltemath of Tamra K. Waltemath, P.C. This information is for general informational purposes only and does not constitute legal advice. For specific questions, you should consult a qualified attorney. Tamra K. Waltemath is an elder law attorney focusing on wills, trusts, estate and trust administration, probate and non-probate transfers, guardianships and conservatorships. She can be contacted at: Tamra K. Waltemath, P.C., 3843 West 73rd Avenue, Westminster, CO 80030; 303-657-0360; or visit her website at: www.WaltemathLawOffice.com.