Funding your revocable living trust can be overwhelming. It is important that you properly title any assets that you want to transfer into your trust, and there are benefits and disadvantages to transferring such property. If you have questions about a type of property not discussed below, or you want help transferring your property, Andersen Law PC is happy to help.
The following is a selection from Form 1210 – Trust Funding Memorandum from the “Orange Book Forms: Colorado Estate Planning Forms” book published by Continuing Legal Education in Colorado Inc. Please note: This post addresses funding a revocable living trust for an individual. There are slight, but important differences to be aware of if you and your spouse have revocable living trusts or if you have a joint revocable trust.
Estate planning is so important because it legalizes all of the most important decisions you can make regarding your family and property once you are gone as well as how you want to be cared for in an emergency.
Here are the estate planning documents you probably need.
When it comes time for couples to consider estate planning, there are several aspects of it that must be looked at and decided on. Below are 16 points of estate planning that you and your spouse may need to address, depending on your situation.
Preserving the Estate on the Second Death: If a spouse changes their will on a second marriage, it is possible that the children of the first marriage will not get anything. This happens because the first spouse’s children from a prior marriage did not inherit; their parent’s spouse got everything. That person may well remarry and leave everything to their new spouse, not to their stepchildren from a prior marriage. To avoid this problem, communicate, use a marital agreement, use life insurance, consider QTIP trusts.