The benefits of a living trust in CT are considerable, and we will take a look at the subject in this post. You may be surprised when you learn about the advantages that this very effective estate planning tool will provide.
Total Control
One of the misconceptions about trusts in general is the idea that you no longer have control of assets that you conveyed into a trust. To a large extent, this is true as it applies to irrevocable trusts.
At the same time, if you create an irrevocable trust, you are doing so for a reason, so there is control on that level. That is another subject that we will address at a different time.
Getting back to the living trust, this is a revocable trust, and the word can be taken quite literally in this context. If you want to dissolve or rescind the trust and reassume direct personal possession of the property that you conveyed into it, you are free to do so.
The control extends beyond the power of revocation. While you are living, you will act as the trustee of your own trust. This means that you will be the administrator, and you will have the ability to use the assets in any way that you see fit.
Along the way, you can change the terms at any time. Relatively minor changes can be made through the utilization of an amendment, and more significant changes can be made with a trust restatement.
Incapacity Planning and Spendthrift Protections
No one wants to consider this unpleasant reality, but a significant percentage of elders experience cognitive impairment. contact form on this site that you can fill out to send us a message.
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