A trust is a legal arrangement that allows a trustee to manage property for designated beneficiaries according to written instructions. Depending on how it is structured, a trust may operate during your lifetime, after your death, or through both periods.
Trusts can serve several planning purposes. A properly funded revocable living trust may provide continuity if you become incapacitated, establish how and when beneficiaries receive property, and allow trust-owned assets to pass without probate.
Creating the document is only part of the process. Property must be appropriately transferred to the trust, and the trust should coordinate with your will, powers of attorney, beneficiary designations, and other estate-planning documents.
Mason Law & Planning Group helps Colorado individuals and families determine whether a trust fits their goals and create plans suited to their property, relationships, and intended beneficiaries.
A trust should not be treated as a stand-alone document. Most trust-based estate plans also include a pour-over will, financial and medical powers of attorney, advance directives, and other supporting documents.
Funding is also essential. A trust generally controls only the property transferred to it or directed to it through an effective beneficiary designation or other arrangement. Assets left outside the trust may still require probate or pass under different instructions.
Our attorneys help clients identify which property should be coordinated with a trust, consider appropriate trustees, and develop distribution terms suited to their beneficiaries. We can also review trusts created in another state or earlier in life to determine whether updates are appropriate under current Colorado law and circumstances.
A trust may be useful when you want greater continuity, privacy, or control over how property is managed. Consider discussing trust planning with an attorney if:
Build a complete plan around your will, assets, and family goals.
Use a trust to manage assets, support loved ones, and avoid unnecessary probate.
Get professional guidance after a loved one passes away or when estate administration is needed.
Plan ahead to protect property, wealth, and future generations.
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A trust is a legal arrangement in which a trustee holds and manages property for one or more beneficiaries according to the terms established by the person creating the trust. The creator of a revocable living trust may also serve as the initial trustee and beneficiary.
A will provides instructions for property passing through probate and can nominate guardians for minor children. A trust controls property transferred to it and can provide management during incapacity and after death. Many trust-based estate plans include both.
A properly created and funded trust can allow trust-owned property to pass or continue being managed without probate. Merely signing a trust does not place property into it. Assets left outside the trust may still require probate unless another valid transfer arrangement applies.
Generally, the creator of a revocable living trust can amend or revoke it while legally capable, subject to the trust’s terms and applicable law. Irrevocable trusts are governed by different rules and are usually more difficult to modify.
The answer depends on the type of property, ownership arrangements, beneficiary designations, and planning goals. Real estate and certain financial accounts are commonly considered for trust funding, while retirement accounts and other assets may require different coordination.
