Charitable trusts serve the dual function of being a valuable estate planning tool and a way to help those in need. At its core, a charitable trust is just a trust with a charitable purpose, but there are a few important differences that people need to consider before creating one. According to Colorado law, a charitable trust must benefit the community. This can include contributing to the relief of poverty, the advancement of education, the promotion of heath, and even governmental or municipal purposes.
Estate planning checklist to distribute assets
Estate planning in Colorado is more than simply ensuring that assets will pass to the proper heirs. Anyone who has assets that they intend to leave to a loved one needs to have an estate plan in place. It can be helpful to think of the estate planning process as involving a checklist of items that should be addressed. Creating durable powers of attorney, ensuring beneficiaries are properly designated and establishing living trusts are all items that go on the checklist.
