Proper estate planning can ensure that one’s loved ones go through as little difficulty as possible after a death. Such planning can also provide an individual with flexibility as to how their affairs will be handled. A “living trust” is an important instrument for meeting these goals. Such a trust will allow one’s heirs to avoid much, if not all, of the probate process. It will also allow for the creation of conditions which must be met before someone may inherit. When preparing such a document, it is important that you have the advice of a lawyer who understands all of the potential issues involved. Our Hartford attorneys assist with the creation of a living trust and we pride ourselves on providing the highest levels of service. Contact our office today to schedule an initial consultation. We also assist those in New Britain, Rocky Hill, and elsewhere in Connecticut.
Hartford lawyers preparing a living trust in addition to a last will and testament
When preparing a last will and testament, it is often advisable for one to also prepare a living trust. This is an instrument through which one transfers assets into the trust. A “grantor” creates the trust and a “trustee” administers it. Typically, the person creating the trust will also serve as trustee. The trust will then be able to own property, sell property, and engage in financial transactions. When the terms of the trust dictate that the trust be terminated, then the trust will be distributed to “beneficiaries” in accordance with said terms. Assets distributed in this manner will not be subjected to the probate process, which makes matters easier for the heirs.
A living trust is created through the drafting and execution of a “declaration of trust.” An individual may administer their own trust throughout their lifetime. The trust may be set up in a way where the property will automatically be distributed to the beneficiaries after the grantor passes. The instrument can also be set up in a way which allows for a “successor trustee” to oversee the trust and to only distribute the assets after certain requirements have been met by the beneficiaries (such as a condition that one not inherit until they graduate from college). Any property or assets not included in the trust will be distributed according to the deceased’s will or Connecticut’s intestate succession laws if a grantor died without a valid will. There are many factors to consider when creating a living trust and it is strongly suggested that you retain an experienced attorney to assist you.
Our Hartford lawyers have over seventy-five years of combined legal experience. We will use your initial consultation to gain an understanding of your situation and to formulate an estate plan which best fits your goals. This will include an analysis of your financial and property records, as well as your long-term goals, in order to ensure that all of your bases are covered. Our firm will create a living trust which gives you the flexibility you need while allowing your heirs to avoid dealing with the probate process. We understand that the creation of a living trust involves serious decisions – we will take your case seriously. Contact us today.
Attorneys assisting Hartford Area residents with keeping a living trust up to date
A living trust allows one to have flexibility with their financial affairs. It is important, however, that the trust be kept up to date. This includes updating your list of beneficiaries as necessary and making sure that the property is properly titled in, or out, of the trust’s name. Our attorneys stay in contact with those in the Hartford area in order to make sure that all aspects of their estate plan are current. This allows one to be sure that unforeseen problems will not arise in the future.
Our lawyers also service the areas of Wethersfield, New Britain, Rocky Hill, East and West Hartford, Bristol, Glastonbury, and Manchester, as well as the Middlesex County cities of Middletown and Cromwell.