How to Avoid Conservatorship With Revocable Living Trusts

A Revocable Living Trust is one of the most efficient ways of avoiding Conservatorship in Colorado Springs and Denver CO. If you are in a debilitating accident, suffer a stroke, develop Alzheimer’s or other dementia otherwise become incapacited, a Successor Trustee of your choosing would manage the assets instead of a Court-appointed conservator. As many of you know, when my mother developed early-onset Alzheimer’s I had to hire an attorney, go to court, ask to have her publicly declared incompetent, and then follow the court’s investment instructions and file annual accountings and reports with the court. This court oversight continues for the rest of your life. Revocable Living Trusts avoid all of the legal hassle, and allows someone of your choosing to continue to manage your affairs according to your instructions, rather than the court’s.
 
How to Set Up Revocable Living Trusts 
 
A Trust requires three parties – Grantor (also known as settlor or trustor), Trustees and Beneficiaries. Initially, all three parties are the same person – you.
 
When you set up the Trust, you continue to handle all your assets in the same manner as you normally would – they are just in the name of the Trust instead of you as an individual.
 
In the event that you become incapacitated, your Successor Trustee would step in and manage the assets for you. Since all the assets are funded into the Trust, there is nothing in your name as an individual and nothing for the court to address.
 
You will still of course, need to include Advanced Medical Directives in your estate plan to ensure that all your wishes regarding medical care and treatment are honored.