Estate Planning: Revocable Living Trusts vs. Wills - Part Four

Wait! I was told that you don’t really avoid Probate with a Living Trust

This is completely false if all probate assets are transferred to the Trust, and we are defining probate as the standard full probate process in Connecticut.

That being stated, having a Living Trust does not avoid the probate court costs imposed once an estate tax return has been filed, and having a Living Trust does not avoid the need to file an estate tax return.

But, if the concern is the time and the professional/fiduciary fees associated with the standard full probate, statements suggesting that a Living Trust doesn’t avoid probate are misleading at best, since it doesn’t tell the whole story.

In any event, the foregoing underscores the importance of making sure that a Living Trust is not only properly drafted and updated, but also that it is properly “funded” (i.e. that the right assets are transferred into trust or made payable to trust properly). This should always be reviewed with a qualified estate planning attorney.

If you or anyone you know has any other questions regarding Living Trusts or Wills, please don’t hesitate to reach out to us. We are happy to be a resource to you. We can be reached at (203) 651-5521. If you want to learn more about the Firm before contacting us, visit our website by clicking here.