A trust is a contract saying how assets will be managed.

The creator of the trust, known as the SETTLOR, writes out the terms of the trust agreement. The settlor names a TRUSTEE, which is the person the settlor trusts to manage the trust asset for the BENEFICIARY of the trust.

A living trust can survive the settlor's death, making a living trust a great estate planning tool to help many people accomplish a vast majority of their estate planning goals.

It all depends (an attorney's favorite answer). There are certainly universal benefits that almost everyone can receive from a living trust plan, but it will depend on your individual estate planning goals. Individual consultations are necessary to get to the heart of what an estate plan would look like for you.

Basic living trust planning offers near universal benefits to clients and serves as a flexible foundation for any advanced planning clients need (such as estate or other tax planning, asset protection planning, dynastic planning, and so on). With a funded living trust, estates can avoid much of the probate process (though never all of it in Connecticut, as the estate tax retun must always be filed with the probate court). This can have the benefit of saving time, publicity, and money for the estate.

A funded living trust plan, in which there are no assets in your name alone, can avoid much of the probate process in Connecticut, but never all of it. Connecticut residents and others must always file an Estate Tax Return with the Probate Court. That being said, you can expose your estate to the bare minimum of probate with a funded living trust plan.

The fees for living trust planning in Connecticut run a very wide range and will depend on (1) what type of trust planning you need (2) what other services are needed to accomplish your goals, and, of course, (3) your choice of attorney. Our fees for Living Trust Planning starts at $4,345 and includes:

• Revocable Living Trust
• Pour Over Will
• Powers of Attorney
• Appointment of Healthcare Representative
• Living Will
• HIPAA Waiver
• Designation of Conservators
• Personalized Instructions for Survivors
• Instructions to Successors
• Free Phone Calls
• Free Legal Changes to the Plan (for the first 3 years after signing)
• Notice of Developments Impacting your Plan
• The FUNDING documentation to help ensure there are no assets in your name alone when you die.

A funded living trust plan will include the paperwork to fund your trust planning. This includes deed transfers to your trust, letters and forms to banks, assignments of personal property, beneficiary changes to certain accounts, and any other documentation necessary to make sure your assets are properly titled or have the correct beneficiary designations.

An unfunded living trust plan does not include any of the funding paperwork, just the legal work. 

There are no ongoing fees to have your living trust planning completed. The only additional fee, if you are doing a funded living trust plan, is $195 for each piece of Connecticut real estate for which we prepare a deed as well as a fee for any deed for property outside of Connecticut (which depends on where it is and the type of deed required).