Creating a will feels like a final move. It seems like something that, once written, can't be changed or challenged. And yet, both of those notions are untrue. After creating a will, the testator may decide to alter things about his or her will, may that change of heart occur months after the will is created or years later.
When people hear the term fiduciary, they tend to either think of trust, or broken trust. Both are equally real experiences in the world of probate court. In fact, over the summer Colorado senators Laura Woods and Pat Steadman held a hearing in which the disgruntled families of deceased individuals’ shared their stories about the difficulties of probate, as well as their suggestions for improving the system.
A revocable living trust is an important part of many people’s estate plans. This kind of trust is similar to a will in that it contains instructions on what you want to happen to your assets when you die. However, a revocable living trust (living trust for short), allows you to skip the probate process.