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Most people use the terms “revocable trust” and “living trust” interchangeably. The terms are usually synonymous, and most everyone I know thinks they are the same thing, but that isn’t always true. Since there are some important differences, I will address the differences in this post: A Living Trust vs. Revocable Trust Compared Side by … [Read more...]
Search Results for: revocable trust
Revocable Trusts vs. Special Needs Trusts Compared Side by Side
At the risk of stating the obvious, not all trusts are the same. A revocable trust is a very common type of trust for people to create, and the popularity of a revocable trust likely comes from its most common use - to avoid probate. A revocable trust can do a lot of things, but it may not be the correct type of trust for what you need. If you … [Read more...]
What is the Difference Between a Living Trust and a Revocable Trust?
When I was 19 years old, I left the United States and went to live in Russia for two years as a missionary for my church. Over the course of my two years of service as a missionary, I learned to speak Russian. I used to think I was fluent in Russian, but my definition of fluent has changed over time. There are a lot of topics and words that I … [Read more...]
Revocable vs. Irrevocable Trusts Compared Side by Side
To fully explore what type of trust is right for you, or to further understand the differences, you should consult with an experienced estate planning attorney. You can schedule a free initial consultation by clicking below. … [Read more...]
Asset Protection: The Difference Between Irrevocable Trusts and Revocable Trusts
A couple of weeks ago, I had a conversation with a financial planner who has referred business to me for several years. This financial planner told me we need to provide asset protections in a trust for a potential client he planned to refer to me, and referenced using a revocable trust. We have these types of conversations all the time, as we … [Read more...]
How Long Will it be Until my Living Trust is FUNDED?
I get asked about how long it will take to get a trust funded all the time. However, not everyone I talk to even knows what it means to fund a trust. Funding a trust in the process of re-titling assets in the name of the trust, or pointing assets to be Forms put into the trust at the time of death, so that the assets are owned by the trust. A … [Read more...]
Financial Powers of Attorney (POA) and a Living Trust Compared Side by Side
Let’s get started by saying that I do know a financial power of attorney and a living trust are different documents that have different functions and different goals. A living trust is most often a document that describes what happens to your assets after your death, whereas a financial power of attorney (financial POA) allows someone to make … [Read more...]
How Do You Put Your House Into A Living Trust?
This question seems like an easy one to answer. To transfer your house into a Living Trust, you want to prepare a deed to transfer ownership of the house from you into the trust. In Colorado, you can use a Quitclaim Deed, Warranty Deed, General Warranty Deed, or a Special Warranty Deed to transfer ownership into the trust. Once you have properly … [Read more...]
Using Living Trusts: Simplifying Transfers After You Die
There is a story about a miserly old man who is nearing death. He calls his three closest friends to come visit him on his deathbed. He tells them that he has heard he cannot take his wealth with him, but he wants to give it a try. He hands each of his friends a bag of gold coins and requests that each person place the bag of gold coins in his … [Read more...]
Can You Change a Living Trust After A First Spouse’s Death?
This is a question mostly related to estate planning for couples. When couples plan their estate, the question of what happens after a first spouse dies becomes quite important. For most couples, the surviving spouse wants to be able to change the terms of an estate plan. Often, that may be related to preserving assets, or transferring assets to … [Read more...]
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