When you create a revocable trust, also known as a living trust, one major benefit is probate avoidance, meaning assets in your revocable trust can be distributed to your beneficiaries without going through probate.
But, this begs a question we are often asked:
What assets belong in a trust?
As parents, we all want what’s best for our children, but we also realize that they don’t always know what’s best for them.
When considering how your financial assets will be distributed upon your death, assessing your children’s level of financial responsibility is a critical component of making effective choices and creating a solution for a lasting legacy.
The truth is, developing good money management skills can take an entire lifetime.
Exciting news for estate planning practitioners and their clients!
Recently, on the very last day of its legislative session, Connecticut’s General Assembly enacted HB 7104 “An Act Concerning Adoption of the Connecticut Uniform Trust Code” (the “Act”).
You have just gone through a long and insightful process to get your affairs in order. You met with your financial advisor, accountant, insurance agent, and attorney. Part of this process included creating a living trust in your estate planning documents. The trust could be for a minor child until age 40 or maybe even for their lifetime, or a trust for your spouse. You named a trustee, more than one actually, because you needed an alternate trustee in case the first one you named in the document couldn’t or didn’t want to serve, either initially or later on.
But what if it turns out the trustee you named ends up not being the best choice?
If you are still alive and the trust document allows for amendment, you can change the trustee. But what if change might be warranted, but the document does not allow you to change it or you have died and can’t change it? Continue reading
Connecticut Estate Planning Attorneys Blog
