As an estate planning attorney in New Haven, Connecticut, clients often come to me and say they want to avoid probate. This usually occurs after they have been through the probate process for a parent or other family member and have learned the hard way just how much of a nightmare it can be.
Fortunately, with proper planning, much of the probate process can be simplified or avoided entirely with the use of trusts. In Connecticut, the probate process is used to settle estates and transfer a decedent’s property. The use of a will does not avoid going through the probate court. To the contrary, if the decedent had a will, the will must be “probated” through the probate court.
Some people make the mistake of thinking that titling their assets jointly will solve the problem. While holding joint assets (a bank account with joint owners, for example) does help to avoid probate, it opens an whole new can of worms. Most notably, joint assets are exposed to creditors and the personal liability of both owners. So, if grandma puts grandson’s name on her bank account and grandson gets into an auto accident, grandma’s assets could be used to satisfy any potential claim.
The safest and most effective way to avoid probate it by using a trust. A trust, depending on how the document is drafted, can offer asset protection for beneficiaries and take the assets out of a decedent’s estate for probate purposes. In short, all assets held in trust never go through the probate process because they are not legally owned in the sole name of the decedent.
If you are thinking about estate planning and would like to know more about avoiding probate, contact me at (203) 789-2943 or by emailing me at jmcclure@gs-lawfirm.com.
James M. McClure, Esq.
Green & Sklarz LLC
1 Audubon Street, 3rd Floor
New Haven, CT 06511
Ph. (203) 789-2943
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