In Colorado, trusts let you transfer assets to a trustee who manages them for beneficiaries. Trustees can invest and distribute money, as well as hire advisors. The court can oversee trust administration and resolve disputes if necessary. Unless otherwise stated, trust terms are interpreted the same as wills.

Whether it’s better to have a will or a trust depends on your circumstances. A will specifies your wishes after death, while a trust lets you transfer assets to someone else to manage. Wills are more straightforward to prepare but may result in less asset protection compared to a trust.

Establishing a trust can be more expensive than creating a will. However, this initial cost is often offset by the potential savings by avoiding probate, which can be expensive for beneficiaries if litigation becomes necessary.