When you create a revocable trust, also known as a living trust, one major benefit is probate avoidance, meaning assets in your revocable trust can be distributed to your beneficiaries without going through probate.
But, this begs a question we are often asked:
What assets belong in a trust?
As parents, we all want what’s best for our children, but we also realize that they don’t always know what’s best for them.
When considering how your financial assets will be distributed upon your death, assessing your children’s level of financial responsibility is a critical component of making effective choices and creating a solution for a lasting legacy.
The truth is, developing good money management skills can take an entire lifetime.
Connecticut Estate Planning Attorneys Blog