If you have never researched the subject you may envision a certain scene that may take place after someone passes away. Family members gather together in a room and someone reads the last will of the deceased.
A representative of some kind hands out checks and the matter is closed.
In fact, things are much more complicated than this. The process of probate becomes a factor when you maintain personal possession of your property and arrange for its distribution through the terms of a last will.
Probate can be time-consuming and costly. For this reason people often times implement probate avoidance strategies. One very common way to avoid probate would be to convey assets into a revocable living trust.
You as the grantor maintain control the assets while you are still alive, acting as both the trustee and the primary beneficiary.
After you pass away the successor trustee that you choose manages the funds, making distributions to your beneficiaries in accordance with the terms of the trust. These distributions are not subject to the probate process.
When you are considering the impact of probate in Connecticut you should understand the fact that there is a shortcut that some people can utilize. If the value of the estate in question does not exceed $40,000 and there is no real estate involved the executor can request a simplified probate.
If the estate does not qualify for simplified probate the executor can engage the services of a probate attorney who will provide the appropriate guidance.