This is a Living Trust Property Inventory form. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. This form allows the Trustee to record a Description of Property, Date Acquired by Trust, Value, Date Sold or Transferred so that all property held by the trust can be accounted for including the real, personal or intellectual property.
Colorado Springs Colorado Living Trust Property Record
Category:
State:
Colorado
City:
Colorado Springs
Control #:
CO-E0178B
Format:
Word;
Rich Text
Instant download
Description
How to fill out Colorado Living Trust Property Record?
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FAQ
In most situations where a homeowner in Colorado creates a revocable living trust, that homeowner will transfer the title of the property into the trusts name. This effectively means that the trust becomes the legal owner of the home.
With living trusts, probate can be avoided and trustees can distribute assets without needing approval from the court. Living trusts offer many other perks, including: Protecting privacy, since living trusts do not become public record. Avoiding the probate process in other states where the individual owns real estate.
With your property in trust, you typically continue to live in your home and pay the trustees a nominal rent, until your transfer to residential care when that time comes. Placing the property in trust may also be a way of helping your surviving beneficiaries avoid inheritance tax liabilities.
You name a trustee, the person who will manage the assets. It can be anyone and many people name themselves (with a successor trustee in place for after your death). The trust directs that the assets be maintained and used for the trustmaker's benefit during life by the trustee.
If you pass your assets via a will, it must go through a court procedure which is public record. Trusts are never made a part of public record so your assets and who you leave them to remain concealed.
Colorado law provides two methods for a trust to take title to real estate: the traditional method of taking title in the name of the trustee(s), and a special statutory method of taking title in the name of the trust.
When you buy a home, you may have the option of buying it in a trust. Legally, that means the trust, rather than you, owns the home. However, you can be the trustee of the property and have significant control over it and what happens to it after you die.
In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary). The person providing the assets is called the settlor.
