Updated August 02, 2023
The Colorado revocable living trust is used when a person wishes to transfer property and other assets in order to protect their estate should they become mentally incompetent. Setting up a living trust also means that the distribution of the Grantor’s (creator) assets will be done in a private manner, outside of probate. A Colorado revocable living trust does not help a person evade estate taxes, but avoiding probate in Colorado can save time and money. The Trustee, appointed by the Grantor, is in charge of managing the trust and distributing the property once the Grantor dies. Once the Grantor dies, this type of trust becomes irrevocable.
Laws – § 15-5-602
How to Write
Step 1 – Download in PDF (.pdf), Microsoft Word (.docx), or Open Document Text (odt).
Step 2 – The following information must be entered into the first page of the Colorado revocable living trust form:
- Grantor’s name (at the top)
- Date
- Grantor’s name (again)
- Grantor’s mailing address
- Trustee’s name
- Trustee’s mailing address
- Name of the trust
Next, tick the first box if this is an amendment of another living trust or tick the second box if it is an original.
Step 3 – Scroll down to Article 4, Section A and enter the name(s) of the individual(s) or organization(s) who will receive property within the trust upon the Grantor’s death.
Step 4 – Section B of Article 4 refers to the Grantor’s personal property, and to whom it will be bequeathed once they die. Select the checkbox next to “The Beneficiaries” if all personal property should go to the named Beneficiaries. The other option is to select the second checkbox and enter the name, address, and Social Security number of the individual who should receive all the Grantor’s personal property upon death.
Step 5 – Any pets owned by the Grantor at their time of death shall be under the care of an individual previously appointed by the Grantor. Enter the name and address of this individual in the available spaces under Section C of Article 4. A second name and address is required in the event that the first Pet Caretaker cannot perform the necessary duties.
Step 6 – Continue under Article 4 to part (ii) of Section C and, if the Grantor wishes to provide funding to the Pet Caretaker, tick the first box and provide a monetary value in US dollars. Next, choose a period of time (in months or years) that the Pet Caretaker may claim the money before it is revoked. If no funding is to be provided, tick the box marked “No Funding.”
Step 7 – The last part of Section C of Article 4 is “3rd Party Enforcement,” which requires a name and address of an individual who will oversee the expenditures made by the Pet Caretaker to ensure the funding is being spent solely on the care of the Grantor’s pets.
Step 8 – At this juncture, enter the names, addresses, and Social Security (or Tax ID) numbers of up to 4 Beneficiaries. The available spaces are found under Article 4, Section D.
Step 9 – This step involves Accounting, specifically the amount of time that must pass between accounting requests made by Beneficiaries. Enter a number in the blank space under Article 10 and select “Months” or “Years.”
Step 10 – Go to Article 13 and enter the names and addresses of the appointed Successor Trustee and 2nd Successor Trustee.
Step 11 – One of the checkboxes under Section I of Article 13 must be selected. Select the first checkbox if no compensation is to be given to the Trustee or select the second checkbox if a reasonable fee is to be given to the Trustee.
Step 12 – Under Article 15, enter the number of days a claimant must survive past the date of the Grantor’s death in order to benefit from assets within the Trust.
Step 13 – Provide the marital status of the Grantor by selecting either the first or second checkbox within Article 17. If the second checkbox has been selected, provide the name of the Grantor’s spouse.
Step 14 – Under Article 18, provide the name(s) of the Grantor’s offspring.
Step 15 – Under Article 21, enter the names of any individuals or organizations that should be purposefully excluded from the Trust and should not benefit in any capacity from the contents of the Trust.
Step 16 – Article 22 must be signed by the Grantor, the Trustee, and the Successor Trustee in order for the Grantor to be allowed to alter, amend or revoke the Trust. Printed names and dates must be included beside each signature.
Step 17 – The second to last page of the form is the Self-Proving Affidavit which must include the State and County in which it was created and must be signed and dated by the following individuals:
- Grantor
- Trustee
- Successor Trustee
- 2nd Successor Trustee
- Two (2) witnesses
The last section must be completed by a notary public.
Step 18 – Create a list of all assets that will be included in the Trust under Attachment A on the last page of the living trust form.
