Trusts Attorneys in North Haven, Connecticut

Trusts serve as invaluable and versatile estate planning tools, providing individuals and families with the means to effectively manage their property, protect their assets, and secure the well-being of their loved ones for future generations. By establishing a trust, you not only bypass the burdensome and costly probate process, but also maintain the utmost privacy. Moreover, the ability to handpick a trustee or successor trustee grants you the assurance that your trust property will be faithfully managed and safeguarded for the benefit of your beneficiaries. 

If you’re considering creating a trust, consulting with a seasoned Connecticut estate planning attorney is key. At DeChello Law Firm LLC, we have devoted our careers to advising and guiding individuals and families in estate planning and trust-related matters. Our reliable legal team can educate you about the different types of trusted and the benefits of having one in your estate plan. In addition, we will help create the trust, make sure it is legal and valid, and help you select a reliable trustee. 

DeChello Law Firm LLC helps clients across North Haven, Connecticut, and the surrounding areas throughout New Haven County. Contact us today to schedule an initial consultation and tell us about your estate planning goals.  

Overview of Trusts 

A trust is a fiduciary relationship that permits a third party (a trustee or successor trustee) to hold assets on behalf of or for the benefit of the beneficiary. The person who creates a trust is referred to as the trustor, settlor, or grantor. 

Once created, the trustor will give the trustee the legal authority to hold the trust property until the death or sudden incapacitation of the grantor. In addition, the trustee will be responsible for managing the trust property and transferring them to rightful beneficiaries in accordance with the provisions of the trust documents. 

When creating your estate plan, it's crucial to understand the various types of trusts available to you, as they can serve different purposes and offer distinct advantages. Two significant types worth considering are revocable trusts and irrevocable trusts. 

Revocable Trust

A revocable trust can be described as a trust that is subject to modification, revocation, or cancellation. Essentially, the grantor will maintain control over the trust assets until their incapacitation or death. As such, the trustor may change their mind, redistribute the trust assets, or completely revoke the trust while they’re still alive. 

Irrevocable Trust

In contrast, an irrevocable trust is a trust which isn’t subject to amendment, cancellation, or revision. Once the irrevocable trust is funded, the trustor will give up control over the trust. The trust property will no longer belong to the grantor. Thus, property and assets in the irrevocable trust are not subject to estate taxes. 

A knowledgeable lawyer can enlighten you about the benefits, downsides, and limitations of each kind of trust, determine the right one for your unique situation, and guide you through the legal procedures involved in creating one. 

Process of Creating a Trust

Here are the steps involved in creating a living trust in Connecticut: 

• Determine the type of trust you want to create – revocable or irrevocable trust. 

• Decide if the trust will be individual or shared. 

• Identify the property and assets or money you want to put in the trust. 

• Name a trustee or successor trustee. 

• Determine the beneficiaries to receive the trust assets. 

• Work with a skilled attorney to help you draft the trust document. 

• Sign the trust document in front of a notary public. 

• Change the title of the trust assets. 

• Fund or transfer assets into the trust. 

In addition, you need to ensure that you follow all of the state’s procedural requirements in order to create a valid and legal trust. An experienced Connecticut trust attorney can guide you through the legal processes involved and help you navigate key decisions at every step. 

Why Having a Trust Is Important

Having a trust has several benefits, including: 

• It helps protect your estate from your mental incapacity or severe illness. 

• It allows your estate to bypass the time-consuming and expensive court-supervised probate process. 

• It allows you to identify beneficiaries that would receive certain assets. 

• It allows you to choose a trustee or successor trustee who would help manage the trust assets. 

• It helps protect your property and money from unknown creditors and frivolous lawsuits. 

• It allows you to store away assets until a future date. 

• It helps reduce or avoid inheritance and estate taxes. 

• It helps maintain privacy and ensures your affairs don’t become a public record like a will. 

A dedicated attorney can play a vital role in establishing a legally sound and valid trust that aligns with your specific needs and goals. With our team’s diligence, we will guide you through the intricate process, addressing important considerations such as asset protection, minimizing tax implications, and ensuring compliance with relevant laws.  

Choosing a Trustee

It is crucial that you name someone you can count on as your trustee. Here are some helpful tips for naming a reliable trustee: 

• Choose an honest and dependable person. 

• Choose someone with financial intelligence. 

• Choose a person who understands the basic concepts of investing. 

• Choose an accountable person who can keep accurate, detailed records. 

• Choose a person who can make smart decisions even under strenuous circumstances. 

Our devoted team at DeChello Law Firm LLC can work to understand your specific situation and ensure that you name a trustee or successor trustee that will serve you and your family’s best interests. We can provide invaluable advice in selecting an honest and reliable trustee who will faithfully carry out the duties and responsibilities outlined in your trust. 

Work With Experienced Estate Planning Attorneys

Creating a trust in Connecticut often involves various complex processes and legal paperwork. Nonetheless, it is vital that you know your available options, how to set up and fund the trust, choose a reliable trustee, and, most importantly, ensure that the trust is valid and legal. Therefore, when creating any estate planning documents, you should consult an experienced attorney for personalized guidance. 

At DeChello Law Firm LLC, our attorneys have the knowledge and empathy to guide people through the complicated procedures involved in estate planning. Whether you want to create a revocable, irrevocable, or any other type of trust, we will walk you through the legal steps involved and make you make the right estate planning decisions.