The timely, cost-effective drafting of wills and trusts calls for an attorney who is experienced in handling estate planning matters and dedicated to providing personal service. Contact our firm today to schedule a consultation and case evaluation with an estate planning attorney.
Information About Wills and Trusts
A will or a trust is a powerful legal vehicle. It can speak for you long after you have gone. It can provide for your family's future needs. It can give you peace of mind.
At Barlow & Murphy, LLP, we create personalized wills, trusts and other estate documents which help our clients achieve their goals, protect their assets, and provide for their families.
Some basic information about wills, trusts and estate planning appears below. You probably have questions about your particular situation. An attorney at our firm can answer your questions and discuss your specific needs.
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For a consultation with Barlow & Murphy, LLP, call 877-259-4164 toll free or contact us online.
Located in Manchester, our firm serves clients east of the River and elsewhere in the greater Hartford, Connecticut area.
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Once a will has been created, it can be changed to address your evolving family and financial situations. Barlow & Murphy, LLP, can amend a will for an affordable fee.
A special needs trust can help you provide for the health care and personal needs of a disabled child while preserving the child's eligibility for government benefits. Contact our firm for more information.
Trusts 101
A trust is a great estate planning tool for anyone who wants to avoid the costs associated with probate, decrease the amount of taxes paid at death and provide limitations on their young children's ability to access money left to them. An attorney experienced in estate planning at Barlow & Murphy, LLP in Manchester, Connecticut, can explain trusts and how they can be a viable component of your estate plan.
Trust Basics
A trust is a legal property interest held by one person, called the trustee, for the benefit of another person, called the beneficiary. The person establishing the trust is called the grantor. The grantor chooses whom he or she wants to be the trustee. The trustee should be someone the grantor believes will carry out the purpose of the trust faithfully. The trustee cannot also be the beneficiary of the trust.
A trust can be revocable or irrevocable. A revocable trust can be changed or terminated by the grantor at any time, for any reason. An irrevocable trust, however, cannot be changed or terminated for any reason by the grantor at any time.
A trust also can be a living trust or a testamentary trust. A living trust, also known as an inter vivos trust, is created while you are alive and is not part of the probate estate, thus helping you avoid probate and the costs associated with it. A testamentary trust is created through a will, and as a consequence, generally must go through the probate process.
Specialized Trusts
There are many types of trusts that can be used to meet specific needs or purposes, including:
- Charitable trusts - trusts created to benefit a specific charity or the public
- Discretionary trusts - trustees are given authority to determine when and how much trust income or property should go to the beneficiaries
- Honorary trusts - trusts to honor or remember deceased persons or to provide for the care of pets, animals or other property
- Insurance trusts - trusts that contain insurance policies and their proceeds
- Spendthrift trusts - trusts that prevent beneficiaries from assigning their interests in the trust to others and prevent creditors from attaching their interests to trust assets (for example, if the beneficiary owes money to a creditor, the creditor cannot go after the trust assets to satisfy the debt)
- Supplemental needs trusts - trusts crafted to provide supplemental income for a disabled person in a way so as not to jeopardize the receipt of government benefits
- Support trusts - trustees are given discretion to pay as much as necessary for the support of the beneficiaries
Conclusion
Trusts come in a variety of forms each suited to the particular needs of grantors. Whether you are looking to bypass probate, donate to your favorite charity or provide care for a disabled adult child, an experienced estate planning attorney can help you choose the appropriate trust document for your situation. If you have questions about trusts or estate planning in general, contact an experienced estate planning attorney at Barlow & Murphy, LLP in Manchester, Connecticut, today.
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