Law Office of Lisa E. Wnuck, LLC
493 Heritage Road, Southbury, CT
(203) 586-1445
amanda@southburylaw.com or lisa@southburylaw.com
493 Heritage Road, Southbury, CT
(203) 586-1445
amanda@southburylaw.com or lisa@southburylaw.com
estate planning focused on your needs
Do you need a trust?
Creating and funding a revocable trust will enable the assets within that trust to avoid probate at the death of the Settlor (the creator) of the trust. In addition to saving time and expense, it also keeps the process private. By contrast, most of the probate record for a decedent's estate is a matter of public record. If you are single, and especially if you own solely owned real estate, you should give serious consideration to establishing and funding a simple revocable trust. "Funding" a trust merely describes the process of re-titling one's non-retirement assets into the name of one's trust. Real estate can easily be quit-claimed to a trust. Non-retirement accounts like savings accounts and brokerage accounts can also be retitled into the name of a trust, enabling them to avoid probate at your demise as well. It makes little sense for a single client to have a trust if he or she doesn't take the time to fund it. Our office is happy to assist clients in the funding of their trusts.
How exactly does a Trust enable one's assets to avoid probate?
The provisions of the typical revocable living trust allow for a seamless transition of management at the death of the Settlor, enabling the designated successor Trustee to take over the administration and distribution of the trust in accordance with its terms. The only property that has to be inventoried and probated at one's death is property that one owned in is or her name alone at death (with no beneficiary designation) or that passes to his or her estate. This is because the Probate Court has to ensure that such property passes to the beneficiaries named in one's will or to his heirs at law if he died without a will (intestate).
See What Happens without a will?
By contrast, property held in trust does not need to be probated because there is no need to look to the will for direction as to the disposition of the trust property - the trust handles this by delineating the disposition within the trust terms. Because the trust dictates what happens to the property within it at the death of the Settlor, the trust assets are not governed by the terms of the will, hence eliminating the need for them to be probated.
While highly recommended for the single client, trusts can also benefit married couples. For example, in second marriages where the ultimate beneficiaries may differ for each spouse, a trust for the benefit of the surviving spouse can work quite well. The surviving spouse receives trust income and, if needed, trust principal, for as long as he or she lives. When the surviving spouse then dies, the balance remaining in this trust passes to the beneficiaries designated therein by the predeceased spouse. Trusts can also be appropriate for higher net worth married couples as an estate tax savings mechanism. See 2020 Federal and Connecticut Estate Tax Page
The Office of the Probate Court Administrator, State of Connecticut has published the following guide to the various types of trusts:
PROBATE COURT USER GUIDE UNDERSTANDING TRUSTS
Creating and funding a revocable trust will enable the assets within that trust to avoid probate at the death of the Settlor (the creator) of the trust. In addition to saving time and expense, it also keeps the process private. By contrast, most of the probate record for a decedent's estate is a matter of public record. If you are single, and especially if you own solely owned real estate, you should give serious consideration to establishing and funding a simple revocable trust. "Funding" a trust merely describes the process of re-titling one's non-retirement assets into the name of one's trust. Real estate can easily be quit-claimed to a trust. Non-retirement accounts like savings accounts and brokerage accounts can also be retitled into the name of a trust, enabling them to avoid probate at your demise as well. It makes little sense for a single client to have a trust if he or she doesn't take the time to fund it. Our office is happy to assist clients in the funding of their trusts.
How exactly does a Trust enable one's assets to avoid probate?
The provisions of the typical revocable living trust allow for a seamless transition of management at the death of the Settlor, enabling the designated successor Trustee to take over the administration and distribution of the trust in accordance with its terms. The only property that has to be inventoried and probated at one's death is property that one owned in is or her name alone at death (with no beneficiary designation) or that passes to his or her estate. This is because the Probate Court has to ensure that such property passes to the beneficiaries named in one's will or to his heirs at law if he died without a will (intestate).
See What Happens without a will?
By contrast, property held in trust does not need to be probated because there is no need to look to the will for direction as to the disposition of the trust property - the trust handles this by delineating the disposition within the trust terms. Because the trust dictates what happens to the property within it at the death of the Settlor, the trust assets are not governed by the terms of the will, hence eliminating the need for them to be probated.
While highly recommended for the single client, trusts can also benefit married couples. For example, in second marriages where the ultimate beneficiaries may differ for each spouse, a trust for the benefit of the surviving spouse can work quite well. The surviving spouse receives trust income and, if needed, trust principal, for as long as he or she lives. When the surviving spouse then dies, the balance remaining in this trust passes to the beneficiaries designated therein by the predeceased spouse. Trusts can also be appropriate for higher net worth married couples as an estate tax savings mechanism. See 2020 Federal and Connecticut Estate Tax Page
The Office of the Probate Court Administrator, State of Connecticut has published the following guide to the various types of trusts:
PROBATE COURT USER GUIDE UNDERSTANDING TRUSTS
The Estate Planning Process
Creating and reviewing your estate plan is one of the most important things you can do to protect your assets and your family. At the Law Office of Lisa E. Wnuck we carefully review your current situation, help you outline your wishes for the future and create a plan to help you reach your goals.
Attorney Lisa Wnuck has years of experience helping families protect their assets for generations to come by providing carefully considered estate planning advice. She offers comprehensive estate planning services and can help walk you through the entire process to ensure that you and your family are taken care of. For years, Lisa Wnuck has guided countless clients in making some of life's most important decisions, and she can guide you as well. She will walk you through the entire process to make sure you and your family are taken care of before it’s too late.
Creating and reviewing your estate plan is one of the most important things you can do to protect your assets and your family. At the Law Office of Lisa E. Wnuck we carefully review your current situation, help you outline your wishes for the future and create a plan to help you reach your goals.
Attorney Lisa Wnuck has years of experience helping families protect their assets for generations to come by providing carefully considered estate planning advice. She offers comprehensive estate planning services and can help walk you through the entire process to ensure that you and your family are taken care of. For years, Lisa Wnuck has guided countless clients in making some of life's most important decisions, and she can guide you as well. She will walk you through the entire process to make sure you and your family are taken care of before it’s too late.
Planning for the future can be difficult, especially if you or a loved one is
facing a serious medical condition or requires special assistance. Addressing your estate planning and probate needs can help protect your loved ones now and in the future.
facing a serious medical condition or requires special assistance. Addressing your estate planning and probate needs can help protect your loved ones now and in the future.
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To learn more about estate planning and how our law firm can help you, we invite you to schedule an initial consultation in our Heritage Village, Southbury office by contacting our receptionist, Melinda Lovelett.
melinda@southburylaw.com
(203) 586-1445
