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Living Trusts and Asset Protection

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Title: Living Trusts and Asset Protection


1
Living Trusts and Asset Protection
Commonly Asked Questions And Answers
2
Living Trusts
3
What Is A Living Trust?
4
A living trust, also called revocable living
trusts or inter vivos trusts, is a document that
creates a relationship between you, some or all
of your property, and other people you
specifically identify in the document
5
Trust Parties
6
What People Do I Identify In My Living Trust?
7
You (the trustor) have to name a trustee who will
manage the trust
8
YOULL ALSO HAVE TO IDENTIFY THE BENEFICIARY(S),
the person(s) who gets to use or benefit from
the property you transfer to the trust
9
Trust Property
10
What Do I Transfer To My Trust?
11
Almost anything you like
12
You can transfer any of your individually owned
property into the trusts name
13
Trust property, once properly transferred from
you to the trust, is known as the trust corpus
14
Asset Protection
15
Will A Living Trust Help Me Protect My Assets?
16
NO
17
If you want to protect your assets from, for
example, creditors or lawsuits, your living
trust is not the tool to rely upon
18
Though there are other asset protection tools
available, living trusts are not suited for this
purpose
19
Benefits
20
If Living Trusts Dont Provide Asset Protection,
What Do They Do?
21
They primarily allow you to avoid probate
22
You can use your trust to transfer your property
to your heirs after you die, allowing your estate
to save unnecessary expenses and avoid the often
lengthy probate process
23
Creation
24
What Do I Need To Do To Create A Living Trust?
25
Write It Down
26
The trust creation process itself is not
difficult, though you need to create a document
that meets Colorado legal standards
27
You also need to make sure you transfer your
property to the trust properly, a process called
funding
28
Funding can be complicated, and often takes
careful planning
29
Other Options
30
If I want to protect my assets, do I even need a
living trust?
31
Probably, though it depends on your circumstances
32
An estate plan that focuses on asset protection
will likely use several tools
33
However, even though a living trust does not
afford asset protection benefits, your plan might
still include such a trust because of the
benefits it does provide
34
Learn More About Living Trusts and Asset
Protection in Colorado
35
www.ColoradoEstatePlan.com
719-520-1474 303-736-6060
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