Connecticut Estate Planning Report : Connecticut Estate Planning Lawyer & Attorney : John O'Brien : CT Trust Counsel Law Firm : Wills, Trusts & Probate Litigation

One of my goals in 2010 is to get the public to understand the need for estate planning. I want to change the fact that at least 70% of the American public does not have an estate plan. So to help everyone understand the importance and value in having one, I’ve decided to tell one fictitious couple's life story. We will follow their life and highlight the estate planning issues facing them at the various stages of their life.

Lack of understanding often creates fear and fear will always stop us in our tracks.  Let’s, together, learn, get beyond the fear of estate planning, and conclude that a well planned estate plan is essential at all stages of life.

So please follow me as I tell the tale of Tom and Ellen.  More to follow. . . .

• Email This
• Print
• Comments
• Trackbacks
• Share Link

The House passed the proposed Pet Trust Legislation yesterday.  It now goes to the Governor for her signature and I can't think of any reason why she wouldn't sign it.  Assuming that she does, as of October, 2009 Connecticut will join the ranks of many other states and have a Pet Trust Statute on the Books.

Many thanks to Senator McDonald, Representative Lawlor, Representative Morin, Senator Boucher and Representative Hetherington for all of their hard work in getting this Legislation passed.  We will, under a separate posting, post the Law as enacted by the State Legislature.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

I am just back from the Capitol and have encouraging news to report. 

The Senate has voted favorably on the Pet Trust Statute. It now goes to the Floor of the House for action.  We will keep everyone informed.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

There are real benefits to a Revocable Living Trust, as part of a client's estate plan.  In my opinion, three stand out.  They are:

(1)    Avoiding probate;

(2)    Easily continued business/personal affairs during any period of incapacity; and

(3)    Avoiding ancillary probate.

For many of our clients, the third -- ancillary probate -- makes the case.  If you own real estate in more than one state, you will need to file  probate in each state.  And while your executor/personal representative may get away without having an attorney in your "home" state, you will most definitely need to hire one in the other state.  Both time and money are increased.  You will not, with a properly funded Revocable Living Trust, need to file probate at all in either state.  Certainly that's a significant savings and, thus, if you own property in more than one state, it's advisable to have a Revocable Living Trust.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

Not quite there yet.  Progress has been made, however.  I previously blogged that in the Bill pending in the Senate had language requiring Probate Court approval of any Pet Trust.  I was always negative on this language.  Through discussion and hard work by several people, it is possible that language may be removed from the Bill.

Alternate language requiring any Pet Trust to have a trust protector may be inserted.  Put simply, the trust protector is someone/somebody other than the trustee.  The function of the trust protector is to ensure that the trustee is properly looking out for the pet(s).  Increasingly,  estate planners are using trust protectors in their trust agreements and it's particularly beneficial in the case of a Pet Trust where the pet beneficiary can not speak for itself.

So, the Bill is still pending in the Senate.  It's on their calendar and hopefully will be amended as indicated above.  Assuming it gets favorably voted out of the Senate, it will go to the House.  All of this must happen before the Legislature adjourns on June 3, 2009.  We're pushing!  Let's hope we finally get it done.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

Some further development.  Through on-going negotiations, it is possible that the language requiring probate court approval of any Pet Trust may  be removed from the Bill.  For many reasons, including the logistical problems, and the unnecessary expense, I'm very much in favor of deleting this language.  This is on-going and we will keep you informed.

Following the trend, Maryland's Legislature recently enacted a Pet Trust Statute there.  This was nicely reported at www.pettrustlawblog.com.  I encourage all to visit Attorney Meek's Blog where he very nicely blogs about many relevant items for per owners.  Keep it up Dan! 

My hope is that Connecticut will follow the nation's lead, and most recently, Maryland and enact a Pet Trust Statute.  We can then all applaud.

• Email This
• Print
• Comments
• Trackbacks
• Share Link