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