When you engage the services of a good Hartford estate planning lawyer your attorney is going to fill you in on all of your options and make recommendations based on your unique situation. When you hear all the details you may find that you would benefit from the creation of a living trust as a vehicle of asset transfer, and these instruments do indeed provide some profound advantages.
The first thing that comes to mind is ongoing control. You as the grantor of the trust can act as the trustee while you are still alive and in control of your faculties. You can buy, sell, and utilize assets that you have placed in the trust as you see fit. You can also alter the terms or even dissolve the trust so you do in fact have total control.
A significant percentage of people who reach an advanced age become incapacitated, with dementia being quite common among the oldest old. When you are creating a living trust you can name a successor trustee who would take over in the event of your incapacitation and avoid any potential guardianship or conservatorship hearings.
When you choose a living trust over a last will you enable the transfer of assets outside of the time-consuming and costly process of probate.
This is a brief look at some of the advantages that living trusts provide. To explore them in more detail simply take a moment to arrange for a consultation with a licensed and experienced Hartford CT estate planning lawyer.