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A Colorado living trust allows you to gather together, within one document, control of your significant property. This type of trust is important if you want to make sure that your property is distributed easily and quickly once you pass away. Living trusts not only, in most states, allow you to avoid probate court, you can also develop a plan to take care of your holdings in the event that you're suddenly disabled.
Once created, the trust, not you, owns your assets. Does this mean you have to move out of your house, never drive your car again, stop the electricity in your vacation home? Not at all. Since you, the grantor, will usually appoint yourself as the trust's initial trustee, you still have complete control of your property; you can even transfer property out of or add property to the living trust, like moving resources in and out of a bank account.
In most situations, you are still required to have what's called a pour-over will. This document handles anything you own not included in the living trust, as well as designating a guardian for any minor children. The LegalZoom Colorado Living Trust takes this into consideration, and includes a simple will for this reason.
For more information about Colorado living trusts, check out LegalZoom.com's free online legal library. You'll find out exactly what property can be transferred into a living trust, related tax laws, and just how easy it is to set up a living trust with the help of LegalZoom.com. Simply fill out our easy-to-follow online questionnaire and start the plan your Colorado estate's future, today!
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