Colorado has adopted the Uniform Probate Code and frequently a revocable living trust is not necessary under our Colorado laws. However, there are some circumstances when it is a great tool.

1. Avoidance of Probate: You simply do not have to go through the probate process to dispose of property that is in the trust.

2. Creditors Rights: In most states, Living Trusts are not subject to the after death claims of creditors.

3. Surviving Spouse Elective Rights: In many states, a decedent can cut off elective rights by funding a living trust with their assets.

4. Challenges by Heirs or Trust Beneficiaries: It is far more difficult for heirs or beneficiaries to initiate and win a lawsuit against a living trust estate plan.

5. Tax I.D. Number: If either a trust maker or his or her spouse is trustee, there is no requirement to obtain a federal tax identification number or to file a fiduciary tax return.

6. Protect the Elderly from Scams: Major attractions of the revocable trust for the older client are ease and continuity of management. An elderly client (or his family) might wish the presence of a separate trustee as a precaution against vulnerability to fast-talkers bent upon depriving him of a life savings.

We can help with all estate planning needs.
Michael A. Robinson P.C. 900 W. Castleton Rd. #135, Castle Rock, CO 80109 Ph. 303-688-0944, www.mikerobinson.com