Trust Lawyers in Connecticut | Connecticut Trusts

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Have you begun the estate planning process? Depending on your unique circumstances, various types of trusts may benefit you and your family’s needs. Trust can play an essential role in estate plans, regardless of your family assets. When properly created and managed, a trust can help estates avoid probate and seamlessly transfer estate assets to beneficiaries and heirs.

Our estate planning attorneys have extensive experience in trust and estate administration and would be proud to represent your interests in the creation or management of a trust. To learn more about the many benefits of trusts, contact our law firm to discuss our estate planning services in a detailed case evaluation today.

What Are Different Types of Trusts in CT?

Several different types of trusts are available to Connecticut residents.

Trusts available in Connecticut include the following:

Revocable living trusts – flexible trusts that can be modified or revoked during your lifetime.
Family Trusts – designed to manage and protect family assets for current and future generations.
Irrevocable trusts – trusts that cannot be changed once established, offering strong asset protection.
Charitable trusts – allow you to donate to charity while potentially receiving tax benefits.
Dynasty trusts – long-term trusts that can last for multiple generations to preserve wealth.
Grantor retained annuity trusts – enable you to transfer assets while retaining income for a set period.
Qualified personal residence trusts – help transfer your home to beneficiaries while reducing estate taxes.
Spousal estate reduction trust – designed to minimize estate taxes for married couples.
Generation-skipping trusts – pass assets to grandchildren or later generations, bypassing children for tax purposes.
Special needs and supplemental needs trusts – provide for disabled beneficiaries without affecting government benefits.
Marital trusts – created to benefit a surviving spouse while managing estate taxes.
Credit shelter trusts – help married couples maximize estate tax exemptions.
Spendthrift trusts – protect beneficiaries from creditors and poor financial decisions.
Life insurance trusts – hold life insurance policies outside of your estate to reduce taxes.
Pet trusts – provide care and financial support for your pets after your death.

Do You Need a Trust if You Already Have a Last Will?

While a last will and testament is often considered the foundation upon which a comprehensive estate plan is built, trusts have several benefits that wills do not.

Whereas wills may simplify probate administration, they do not avoid probate court. If you wish to avoid probate matters like probate litigation, it is wisest to put your estate assets into a trust.

Like a will, trusts allow you to designate beneficiaries who stand to inherit estate assets. Unlike a will, which must go through the probate process, assets are transferred almost seamlessly via a trust. The probate process is a matter of public record, too. By putting your assets into a trust, you are afforded a higher level of privacy.

Trusts afford a certain level of asset protection planning to individuals and their families. By putting assets and property into a trust, you can protect that property from creditors and frivolous lawsuits.

Additionally, trust can help reduce or avoid estate taxes and inheritance taxes.

What is Trust Administration?

Trust administration is the process of managing a trust after the creator has passed away. In most cases, the trustee or successor trustee has the duty and responsibility of administering the trust.

Trustees have a fiduciary duty to the trust’s beneficiaries and must also always act in accordance with state and federal law.

Our estates attorneys would be proud to assist clients through the complicated trust administration process.

Trust administration involves several critical tasks, including identifying and gathering trust assets, paying any outstanding debts and taxes, and distributing the remaining assets to the beneficiaries as outlined in the trust instrument. The trustee must maintain accurate records and provide regular accounting to the beneficiaries to ensure transparency and trustworthiness throughout the process. Additionally, trustees may need to work with financial advisors, tax professionals, and legal counsel to navigate complex issues that arise during administration.

How to Choose the Right Trustee?

When crafting a trust, it is essential that you can count on the person you have named your trustee. This individual must be dependable, have a high level of financial intelligence, understand the basics of investing, make smart decisions in a limited amount of time, and be accountable for keeping detailed records.

Our estate planning and wealth preservation attorneys can assist you in selecting the proper trustee for your trust.

Choosing the right trustee is a crucial decision that can significantly impact the success and effectiveness of your trust. Besides personal reliability and financial acumen, the trustee should have a thorough understanding of the legal process involved in trust administration and the ability to handle potential conflicts among beneficiaries.

Some individuals prefer to appoint a professional trustee, such as a trust attorney or a trust company, to ensure impartiality and expert management, especially for complex estates or business interests.

Our experienced attorneys can provide valuable advice on the pros and cons of various trustee options and help you make an informed decision that protects your assets and honors your wishes for the future.

Contact Our Connecticut Law Firm to Schedule Your In-Depth Case Evaluation Today

To learn more about trust, including revocable trusts, irrevocable trusts, charitable giving trusts, and more, we encourage prospective new clients to contact our law firm to schedule an initial consultation with our legal team.

Our law firm has two primary locations, one in New Britain and the other in Avon, CT.

egun the estate planning process? Depending on your unique circumstances, various types of trusts may benefit you and your family’s needs. Trust can play an essential role in estate plans, regardless of your family assets. When properly created and managed, a trust can help estates avoid probate and seamlessly transfer estate assets to beneficiaries and heirs.