Top Reasons to Make a Revocable Living Trust
Trusts are commonly used in estate planning in Connecticut, and they can have many different benefits depending on the type of trust that is established. While many people assume that trusts are only for high net worth individuals or families, and they can indeed be beneficial for high earners, trusts can also have numerous benefits regardless of your income level. In general, trusts in Connecticut are created either as revocable trusts (meaning they can be altered or canceled) or irrevocable trusts (meaning they cannot be altered or canceled once they are made).
The person who creates a trust in Connecticut is known as a “settlor,” and when that person makes a revocable living trust, they will be giving themselves peace of mind while also providing benefits for their loved ones. What are those benefits, and what are the key reasons you should consider making a revocable living trust in Connecticut? Consider the following from our Canton trusts lawyer.
Allow Your Beneficiaries to Avoid Probate
One of the major benefits of a revocable living trust is that it allows beneficiaries to avoid probate. The probate process can be lengthy, complex, and tedious, and it can take months or longer before beneficiaries are able to have access to their inheritances. If assets are held in a revocable trust, the probate process can be avoided.
Prevent the Need for a Court-Appointed Conservator If You Become Incapacitated
Creating a revocable trust can also help a settlor during their lifetime in that having a revocable trust can prevent the need for a court-appointed conservator in the event of the settlor’s incapacity. While nobody wants to think about the possibility of their incapacity during their lifetime, this is part of the estate planning process, and planning ahead can give you peace of mind even if it requires confronting anxieties about the future.
Maintain Control of Your Assets During Your Lifetime While Having the Benefits of a Trust
Unlike an irrevocable trust, you can have the above benefits associated with a trust without having to give up control of your assets. If you want to change the terms of the trust at any time, or cancel the trust entirely, you can do so. The terms of the trust are not binding as long as you remain alive and legally competent.
Contact a Canton, Connecticut Trusts and Estate Planning Lawyer for Assistance
Are you ready to sit down with a lawyer to create a revocable living trust? This type of trust can have many different benefits for the settlor and for the beneficiaries. To find out more, or to add a revocable living trust to your estate plan, you should get in touch with an experienced Canton trusts and estate planning attorney at the Law Office of Brian S. Karpe. We can speak with you today about the details of your estate, and we can help you to add a revocable living trust or to include a revocable living trust to your plans for a will, advance directives, and more if you have not yet worked with a lawyer to create an estate plan. Contact our firm today for all of your estate planning needs in Connecticut.
Source:
cga.ct.gov/2023/pub/title_45a.htm
