It is a New Year and a common resolution that I hear is for clients to update their estate planning, or perhaps to make a will for the first time. Many clients come to me with questions about how to “avoid probate” through the use of a revocable living trust. As the article below indicates, people across the country have the same question. A living trust can be a wonderful estate planning tool in the right circumstances. It is important for Colorado residents to understand our state’s probate code, however, and how very different our statutes are from other states. The question and answer in the article below are specific to California, for example. California’s probate system is vastly different from Colorado’s system. Due to Colorado’s simplified probate system, probate in Colorado is nothing to be “afraid” about, and the use of a trust for the primary purpose of avoiding probate in Colorado would be misguided. In fact, there are distinct advantages to purposefully using probate in Colorado after a loved one’s death. Find out if a will or a revocable trust is better for your personal situation by scheduling a meeting with us. We will educate you about the differences between wills and trusts, and you can check at least one New Year’s resolution off your list. Call our Colorado Estate Planning Attorneys today at 303-688-3045.
Written by Kathryn T. James
Attorney at Law
