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The cost of setting up a trust in Colorado varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more.

Furthermore, there are recurring administrative costs such as trustee fees, tax preparation fees, and legal fees. Ongoing Record-Keeping: Trusts also require meticulous record-keeping and can be complex to understand and manage. There is a strict legal framework that must be adhered to, which can be daunting for many.

If you name yourself trustee, you'll need someone to serve as the successor trustee for when you die. This will be the person to distribute your property after you've died, so make sure you trust the person. Create the trust document: You can do it yourself with an online program or get the help of a professional.

The key disadvantages of placing a house in a trust include the following: Extra paperwork: Moving property in a trust requires the house owner to transfer the asset's legal title. This involves preparing and signing an additional deed, and some people may consider this cumbersome.

To make a living trust in Colorado, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

Assets that should not be used to fund your living trust include: Qualified retirement accounts ? 401ks, IRAs, 403(b)s, qualified annuities. Health saving accounts (HSAs) Medical saving accounts (MSAs) Uniform Transfers to Minors (UTMAs) Uniform Gifts to Minors (UGMAs) Life insurance. Motor vehicles.