Colorado Complex Will - Income Trust for Spouse
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How to fill out Complex Will - Income Trust For Spouse?
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FAQ
Property acquired by inheritance or by gift is not considered marital property. (Gifts from one spouse to another during the marriage, however, can be deemed either marital or separate property.)
If the trust was established during the marriage, then it is marital property, and you stand a strong chance of getting access to those funds. If the trust was established before the marriage, it is separate property, and you will find it much more difficult to access this asset.
Colorado courts generally consider a remainder interest in an irrevocable trust to be property in a Colorado dissolution of marriage proceeding. 19 The initial value of this interest is separate property, but the increase in value is marital property.
As a rule, the act of marrying will automatically revoke (invalidate) all previous estate plans whether it is a Will or a Trust. As a matter of public policy these laws assume that you would have wanted to provide for your new spouse, but just ?forgot? or never got around to making the change in time.
One way that spouses without businesses may attempt to hide assets is through setting up trusts or ?gifting? money to someone who will return it after the divorce is finalized.
Part of your trust may be marital property. Marital property is subject to equitable distribution or division in a divorce. This means that your spouse could be entitled to part of the trust's value. In contrast, all, or part, of your trust may be separate property.
Many couples want to leave all trust property to the survivor. If you choose that option, we'll insert your spouse or partner's name (entered earlier) as beneficiary of all your trust property.