Trust Law in Boulder | Boulder Trusts Attorney
Trusts can be a very useful tool in estate planning. They are most often used as a substitute for a will, with a pour-over will executed concurrently to sweep any probate estate assets into the trust estate. Generally speaking, revocable living trusts (“RLTs”) are written agreements to administer property that are administered by the creator of the trust (aka “settlor” or “trustor”) during his or her life that, upon the settlor’s incapacity or death, become irrevocable and are administered by a successor trustee of the decedent’s choosing (assuming the settlor’s nominee accepts that role) for the benefit of the beneficiaries designated in the trust document.
It is popularly held belief that the probate process, which is the process through which the estate of a deceased person (whether or not that person had a will at the time of his or her death) is administered with the oversight (formal or informal) of a state district or probate court, is always so expensive and burdensome on the heirs and representatives of those who have died that it should be avoided in all situations. While probate has a justified reputation as a tedious and generally unnecessary process in many states, that process has been streamlined in Colorado through, among other things, the adoption of the Uniform Probate Code. Given the generally more streamlined nature of the probate process in Colorado, the facts surrounding each individual’s circumstances should be the guiding force behind any decision to use a will or a revocable trust as the primary dispositive document in any given client’s estate plan. There are a number of complex and interconnected variables that should be weighed with the assistance of your estate planning lawyer to determine which option is right for you.
If you are looking for an Estate Planning Attorney in Boulder with a results oriented approach tailored to your matter’s specific needs, contact Newell Law. We have the experience and knowledge to achieve the best results possible for your case.