Wills and trusts are legally binding documents that ensure your assets pass on to your heirs according to your wishes. Many people delay estate planning because they are unsure how to answer the question, “What is the average cost of a will and trust in Connecticut?” Speaking with an attorney familiar with estate and probate law is the most reliable way to understand what your particular plan may cost.
The Average Cost of a Will and Trust
The cost for drafting wills and trusts varies depending on the size and complexity of your estate. Connecticut does not publish official average costs for wills or trusts, and fees vary based on the document type and the attorney with whom you work.
Generally, wills are less expensive to draft in comparison to a trust. This is because wills are more basic, easier for an attorney to draft, and cost less to execute. Wills, however, do not protect your estate from entering probate, which can be costly. Trusts, in comparison, are more sophisticated, and certain irrevocable trusts can offer asset protection in some circumstances.
The Difference Between Wills and Trusts
The main difference between wills and trusts is that a will only takes effect after you pass away, whereas a trust operates during your lifetime and continues after you pass. Trusts generally require more administration than wills, including funding, drafting, and management, which can influence cost.
Wills also go through probate, which can affect both time and cost. Probate is the legal process that reviews a person’s will after they pass away, before disbursing assets to loved ones as dictated in the will. In some scenarios, probate can last up to 18 months and is ultimately subject to the court’s schedule.
Going Through Probate in Connecticut
In Woodstock, CT, probate is handled by the Northeast Probate Court on Providence Street in Putnam, CT. If you have no will, like 66% of fellow Americans without a will, then your estate will go through probate to be divided as state law dictates.
Contrastingly, only 13% of Americans have trusts. Establishing a trust may cost more upfront compared to a will, but it can save potential court and administrative fees for your loved ones, as these can add up when properties go to probate.
Why Choose Us?
It is highly advised to hire a skilled will lawyer to help sort through your assets and plan for your loved one’s future in case you pass away. A skilled attorney can help you understand how a will and trust can help save your loved one’s time and money by avoiding your property from having to go through probate court. An attorney can make sure that your needs are met and that you are complying with both Connecticut and federal laws.
At The Law Office of Andrea L. Truppa, LLC, our attorney, Andrea Truppa, is well versed in Connecticut estate laws, having served in the past as a probate judge. She can look at your estate and assist in choosing the optimal option for you and your loved ones.
FAQs
Is a Lawyer Necessary to Draw a Will or Trust?
No, a lawyer is not legally required to draft a will or a trust. It is, however, advised to have a trusted attorney guide you when planning your estate and drafting legal documents since the state and federal laws that apply to wills and trusts can be complex. There is also a large amount of misinformation about how to draft your own will or trust, and often, “do-it-yourself” forms may miss crucial information.
How Much Does It Cost to Set Up a Trust in Connecticut?
The cost of estate planning in Connecticut ranges based on the size and complexity of your estate and your attorney’s experience. Trusts are more common for people with larger estates and, therefore, are usually more costly than will services since there is more involved. Trusts for married couples or more complex estates will typically cost more than a trust if you are single. You can call a trust lawyer to ask about their fees.
What Is a Living Trust?
A living trust (which can be revocable or irrevocable) is established while a person is alive. A revocable living trust can be altered or cancelled at any time, but an irrevocable living trust cannot be revised or cancelled. There is also a living will, which is completely different from a living trust. A living will only deals with your healthcare directives and your wishes regarding the use and continuance of life support systems.
What’s More Expensive, a Will or a Trust?
A will is much less expensive than a trust, but a trust will avoid your estate having to go through probate, which will save your heirs time and money. Wills require simpler documents in comparison to wills and do not take as much time for your attorney, thus resulting in a lower fee.
Is It Good to Have Both a Will and a Trust?
Yes, in many cases it is beneficial to have both a will and a trust. Both serve complementary functions of an estate plan. A trust serves to handle assets and avoids lengthy and costly probate after you pass away. A will can be used in conjunction with a trust in order to name guardians for your minor children, name an executor for your will, and transfer assets not included in your trust.
Hire a Will Lawyer
The Law Office of Andrea L. Truppa, LLC, is ready to help you with your estate planning needs. Located in Woodstock, our office has over 25 years of experience as a trial attorney advocating for our clients. Our skilled attorney, Andrea, has been a long-time member of the Connecticut Trial Lawyers’ Association and has many years of experience developing estate plans. Our main goal is your satisfaction. Contact our office today to see how we can help ease the burden of planning for the future.
