Do I need a Trust?

One of the most common questions I get from people regarding estate planning in Connecticut is whether or not they should have a Trust. Most of the time they are referring to a Revocable Living Trust (sometimes called just a Living Trust). There are many schools of thought on Revocable Living Trusts, and the decision to have such a trust should not be made without consulting with a qualified estate planning attorney. But there are a couple of things you may want to think about before you go into the appointment with the estate planning attorney.

  1. Do I want my spouse, children and/or other loved ones to avoid the probate process on my estate? Probate attorneys' fees can be expensive, and the process of dealing with the court can be time-consuming, especially if there are continuing trusts that will exist for the benefit of the Living Trust's beneficiaries. Is it important to you that this is avoided?
  2. Do I have the assets to put in a Trust? You may not know the answer to this question without first discussing it with the estate planning attorney, but be prepared to share with the attorney both the value of the assets and the type of asset (e.g. real estate, qualified retirement plan, brokerage account, life insurance, etc.) when you go into the appointment.

While these are not the only considerations necessary, they should help you to at minimum get more organized for your meeting with the attorney. If you would like to set up a consultation with a Trust attorney in Connecticut, you can click here for our contact info.