Fairfield County Living Trusts Lawyers

Assisting Clients With Living Trusts in Connecticut

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Although some people use only a will to dispose of their assets upon death, others use revocable trusts, often known as “living trusts,” to achieve their estate planning objectives. Like a will, a living trust can be used to dispose of the bulk of a decedent's assets. With a living trust, however, you can avoid the hassle of a lengthy probate process. Plus, a trustee is available to step in and actively manage assets at the time of incapacity. A living trust can also help individuals avoid multiple probate proceedings if they own property in multiple states.

Call Chipman Mazzucco Emerson LLC today at (203) 902-4882 or contact us online to speak with our living trusts attorney in Fairfield County.

How to Draft a Living Trust

Drafting a revocable living trust involves the following three parties:

• The Settlor: The person who creates the trust. The settlor can amend or terminate the trust at any time before death when it becomes irrevocable. The terms of the trust typically remain private, and the opportunity for challenges by disappointed beneficiaries is lessened.
• The Trustee: The person who holds title to the trust property and is in charge of managing it according to the terms established by the settlor. The settlor usually serves as the trustee while living, and then another person or trust company will serve as the successor trustee when the settlor dies or becomes incapacitated.
• The Beneficiary: The person or entity entitled to receive the income or assets from the trust. Not only does the beneficiary obtain the income and assets from the trust, but also benefits from careful management of those assets.

What Are the Benefits of Living Trusts?

While there are many reasons to include a living trust in your estate plan, most clients use them to:

• Keep the disposition of their assets private and out of court
• Sell trust assets without needing approval from the probate court
• Avoid probate expenses
• Hold investments for minor children
• Manage and distribute funds for beneficiaries who don’t have financial expertise
• Assign a successor trustee to manage assets in case of incapacitation

Should You Have a Will Alongside a Living Trust?

Having a living trust is a smart choice for managing your assets and avoiding probate. However, it doesn't eliminate the need for a will. Here's why:

Assets Not in the Trust: A will cover assets not included in your living trust, ensuring they are distributed according to your wishes.

Guardianship: If you have minor children, a will is crucial for naming their guardians in case something happens to you and your spouse.

Specific Bequests: Wills allow you to specify who receives sentimental items or heirlooms, ensuring your intentions are clear.

Executor Designation: You will name an executor to manage assets not in the trust and handle probate matters.

Clarity and Conflict Prevention: Having both documents reduces confusion and potential disputes among heirs, as the will can "pour over" assets into the trust.

A will complement your living trust by addressing various aspects of your estate plan, ensuring comprehensive coverage and clarity in your wishes. Consider consulting an estate planning attorney for expert guidance in creating both documents.

How Our Living Trusts Attorney Can Help You

We can assist you by:

• Personalized Estate Planning: Every individual’s estate planning needs are unique. We work closely with you to understand your specific goals and circumstances. We provide personalized advice and tailor your living trust to meet your unique needs. Whether you want to ensure your children’s financial security, protect your assets from creditors, or support a charitable cause, we craft a plan that aligns with your objectives.
• Avoiding Probate: One of the main advantages of a living trust is avoiding probate, which can be a lengthy and public process. We ensure that your living trust is properly funded and maintained, allowing your estate to bypass probate and ensuring a smooth and efficient transfer of assets to your beneficiaries.
• Protecting Privacy: Probate proceedings are public, meaning anyone can access your estate's details. A living trust keeps your affairs private, as the distribution of assets is handled outside of court. We guide you through the process of setting up a living trust to safeguard your privacy and that of your beneficiaries.
• Asset Management and Protection: A living trust allows you to designate a trustee to manage your assets if you become incapacitated. This ensures that your assets are handled according to your wishes, without court intervention. We help you choose a reliable trustee and provide guidance on managing and protecting your assets within the trust.
• Minimizing Estate Taxes: Properly structured living trusts can help reduce estate taxes, preserving more of your wealth for your beneficiaries. We are well-versed in the latest tax laws and strategies, ensuring that your living trust is designed to minimize tax liabilities and maximize the benefits for your heirs.
• Ensuring Flexibility and Control: With a revocable living trust, you maintain control over your assets during your lifetime. You can amend the trust as your circumstances change, ensuring that your estate plan stays current and reflects your wishes. We provide ongoing support and advice to help you manage and adjust your living trust as needed.
• Special Needs Planning: If you have a loved one with special needs, a living trust can provide for their care without jeopardizing their eligibility for government benefits. We are experienced in special needs planning and can help you create a trust that ensures the financial security and well-being of your loved one.
• Charitable Giving: For clients wishing to leave a charitable legacy, living trusts can effectively support your favorite causes. We help you incorporate charitable giving into your estate plan, ensuring that your philanthropic goals are achieved in a tax-efficient manner.

Contact Our Living Trusts Attorney in Fairfield County Today

We make it our priority to simplify the legal process and prepare the documents clients need to reflect their unique goals. If you would like to establish a living trust, then please speak to our full-service law firm so we can assist with creating a trust, retitling assets, and changing beneficiary designations to implement your estate plan comprehensively.

To speak with an attorney at Chipman Mazzucco Emerson, give our Fairfield County living trusts lawyers a call at (203) 902-4882 or fill out our convenient online form.