CONNELLY LAW
Serving Rhode Island, Massachusetts and Connecticut
401-724-9400
Southern New England's Certified Elder Law Attorney
Rhode Island, Connecticut, and Massachusetts Certified Elder Law Attorney
What is a Trust?
At Connelly Law, a trust is more than a document—it is a customized legal arrangement, separate from your personal estate, designed to manage and protect your assets during your lifetime and beyond. Properly structured, a trust can help preserve wealth, provide for loved ones, and ensure that your wishes are clearly carried out with minimal court involvement.
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Our legal and fiduciary departments work with you to determine which type of trust best fits your goals—whether that involves probate avoidance, tax planning, long‑term care planning, protecting a vulnerable or disabled beneficiary, or simply ensuring an efficient and private transfer of assets. Once established and funded, the trust can hold a wide range of assets, including your home, life insurance policies, bank accounts, investment portfolios, and other valuable property.
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Upon your passing—or at any other time you specify—the trust directs how and when these assets are managed and distributed. By setting clear terms in advance, Connelly Law helps reduce the risk of family disputes, protects beneficiaries who may not be prepared to manage an inheritance, and provides a structured, professional framework for carrying out your intentions.
Developing and Administering a Trust
The person who creates a trust is known as the grantor (also called the trustor or settlor). When the grantor transfers assets—such as real estate, investment accounts, life insurance, or business interests—into the trust, those assets are generally no longer considered part of the grantor’s probate estate. This separation can provide important legal and financial advantages, including privacy, potential tax benefits, and protection from certain creditors when properly structured.
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To manage the trust, a trustee is appointed. The trustee may be an individual, a financial institution, or a professional fiduciary and law firm, such as Connelly Law. As trustee or counsel to the trustee, our role typically includes:
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Administering and safeguarding trust assets in accordance with the trust document and applicable law
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Maintaining accurate records and providing required accounting
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Ensuring compliance with federal and state legal and tax requirements
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Implementing the grantor’s instructions for the timing and manner of distributions to beneficiaries
Establishing a trust creates a clear legal structure that separates the grantor’s personal assets from those earmarked for beneficiaries, allowing for more deliberate and strategic wealth management. At Connelly Law, we work with a full range of trust vehicles tailored to each client’s goals, including:
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Revocable living trusts – Allow the grantor to retain control during lifetime while providing for orderly management in the event of incapacity and efficient distribution at death, often avoiding or minimizing probate.
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Irrevocable trusts – Used for asset protection, tax planning, Medicaid and long-term care planning, and other advanced strategies where removing assets from the grantor’s estate may be beneficial.
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Special needs trusts – Designed to provide for a disabled or vulnerable beneficiary without jeopardizing eligibility for essential government benefits.
Properly structured and administered trusts can offer:
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Greater control over how and when loved ones receive assets
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Protection of family wealth from mismanagement, creditors, or certain future claims
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Potential reduction of estate tax exposure in appropriate cases
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Increased privacy by limiting what becomes public record upon death
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Significant reduction or elimination of the time, cost, and complexity associated with probate
Connelly Law provides comprehensive guidance through each phase of the trust process—from design and drafting to ongoing administration and, where needed, professional trustee services. Our goal is to ensure that your wishes are carried out accurately, efficiently, and in full compliance with applicable law, while protecting the long-term interests of your beneficiaries.
But I Have a Will...
A will and a trust are fundamental components of a comprehensive estate plan, each serving distinct but complementary purposes. While it is generally advisable for everyone to have a will, not everyone needs a trust. For many of our clients at Connelly Law, using both together provides the greatest level of protection, control, and clarity.
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A will is a legal document that becomes effective upon an individual’s death. It can:
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Appoint guardians for minor children or dependents
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Direct how probate assets are to be distributed
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Express preferences for funeral and burial or cremation arrangements
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Provide instructions for the distribution of personal property and heirlooms
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Because a will must go through the probate process, it becomes part of the public record. This means its contents may be accessible to heirs, creditors, and other interested parties, and the administration can take time and incur court and legal fees.
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A trust, by contrast, is typically created and funded during an individual’s lifetime. At Connelly Law, we frequently use revocable living trusts and other specialized trusts to help clients:
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Manage and protect assets during life, including during periods of incapacity
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Direct how and when beneficiaries receive assets (for example, in stages rather than in a lump sum)
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Bypass or minimize the probate process for trust-owned assets
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Reduce delays and administrative costs associated with estate settlement
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Maintain a higher degree of privacy, as trusts generally do not become part of the public record​
Unlike a will, a trust typically does not address guardianship of minor children or specify funeral wishes—those matters are typically handled through a will and related documents. Instead, the trust focuses on the ownership, management, and distribution of assets, both during your lifetime and after your death.
For many families, the most effective approach is a coordinated plan that uses both a will and a trust. At Connelly Law Offices, Ltd., we design integrated estate plans so that:
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Your will and trust work together rather than conflict
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Beneficiary designations, asset titles, and trust funding are properly aligned
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Your wishes are clearly documented, legally enforceable, and easier for your loved ones to carry out
Our firm provides personalized guidance to determine whether a trust is appropriate for your situation, which type of trust best fits your goals, and how to implement and maintain it over time. By tailoring your estate plan to your needs, we help safeguard your legacy and provide clarity and peace of mind for you and your family.
Some Common Types of Trusts
​​Revocable Trust
This trust can be created, modified, or revoked by the grantor during their lifetime. It allows the grantor to maintain control over assets and make changes, while helping to avoid probate and enabling quicker, more private asset transfers to beneficiaries. Assets remain part of the grantor's taxable estate and are not protected from creditors during their lifetime. Learn more.​
Irrevocable Trust
Generally, this type of trust cannot be changed or revoked by the grantor once established. Assets transferred into an irrevocable trust are typically removed from the grantor's taxable estate, offering potential estate tax savings and stronger creditor protection than a revocable trust. The grantor must relinquish control over the assets once they are placed in the trust. Learn more.
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Living Trusts
Established during the grantor's lifetime, these trusts become active upon creation and funding. They can be either revocable or irrevocable. A key benefit is avoiding probate, which allows for quicker and more private asset distribution. The grantor can manage assets if they also serve as the trustee. Learn more.
Testamentary Trusts
Created through a will, this trust takes effect only upon the grantor's death. Assets are transferred via the will and must undergo probate. Testamentary trusts are often used to provide for beneficiaries, such as minor children, and to set conditions for asset distribution over time. They are considered irrevocable once they begin upon the grantor's passing. Learn more.
Special Needs Trust
Designed to support individuals with disabilities without jeopardizing their eligibility for government benefits. Funds supplement, rather than replace, government assistance. These trusts can be funded with the beneficiary's assets or by a third party. Learn more.​​
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Charitable Trust
Irrevocable trusts benefiting a qualified charitable organization. They can offer tax advantages, including income and estate tax savings. Major types include charitable lead trusts (CLT) and charitable remainder trusts (CRT), which differ in how income is distributed between the charity and other beneficiaries.
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Funeral Trust
A funeral trust is a financial arrangement set up with a funeral home to pre-fund future funeral and burial expenses. It helps individuals plan ahead, easing the financial burden on their loved ones. Funeral trusts can be revocable (changeable) or irrevocable (unchangeable).​​
A variety of specialized trusts serve distinct purposes in estate planning and asset management. For example, AB Trusts help married couples maximize their estate tax exemptions, preserving wealth for future generations. Blind Trusts prevent conflicts of interest by placing asset control in the hands of an independent trustee.
Bypass Trusts minimize estate taxes for couples, while Generation-Skipping Trusts allow direct asset transfers to younger generations, avoiding certain tax implications. Grantor Retained Annuity Trusts (GRATs) enable the grantor to retain an income stream while transferring appreciating assets. Life Insurance Trusts (ILITs) keep life insurance proceeds outside of the taxable estate, enhancing wealth preservation. Qualified Terminable Interest Property Trusts (QTIPs) care for a surviving spouse while controlling asset distribution. Spendthrift Trusts protect assets from creditors, and Totten Trusts (Payable-on-Death Accounts) simplify the transfer of bank accounts upon death. Together, these trusts form a comprehensive estate plan.
Trust Connelly Law
When selecting a trusts and estates attorney in Southern New England, it is important to choose a firm with the depth of experience and focused knowledge your family deserves. Connelly Law is a dedicated elder law and estate planning firm, bringing decades of hands-on experience to every client we serve. Our practice is centered on the unique legal and financial challenges faced by older adults and their families, including trusts and estates, long-term care planning, asset protection, Medicaid planning, and the preservation of family wealth.
At Connelly Law, you work directly with an experienced elder law team that provides personalized guidance at every step. We take the time to understand your goals, family dynamics, and concerns, then develop carefully tailored strategies to safeguard your assets, protect your loved ones, and provide clarity for the future. Our in-depth understanding of the complex legal landscape allows us to design comprehensive plans that help preserve your legacy and promote long-term stability and peace of mind.
Every situation is unique and deserves thoughtful, individualized attention. If you or a loved one has questions about estate planning, long-term care, or elder law, we invite you to speak with us directly. Call Connelly Law today at 401-724-9400 to schedule a confidential consultation with our experienced elder law team. Start the process now and take a proactive step toward protecting your assets, your independence, and your family’s future—your peace of mind is our highest priority.
Contact Us!
"The most important factor to consider when setting up a trust is its purpose. You don’t need to have a million dollars to provide for your loved ones or manage your estate with a trust. Trusts are sophisticated estate planning tools that offer benefits that a will cannot provide. Call us today to discuss how we can create a trust that meets your needs."
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---- RJ Connelly III
Rhode Island, Massachusetts, and Connecticut Certified Elder Law Attorney
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This website includes general information about legal issues, issues affecting seniors and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal issues and/or problems.