Hartford, Connecticut Estate Planning Lawyers
Deciding to create an estate plan (will, trusts, powers of attorney, etc.) is a personal decision. Your decision will be based on your personal circumstances and your wishes as to whom you want to leave your assets.
An estate plan allows you to address health care decisions, avoid certain kinds of taxes, protect a closely held business, take care of an elderly parent and protect more of the assets that you have worked hard to accumulate over the years.
Why Do I Need a Will?
A will gives you great control over the affairs of your family. It may also help your family avoid certain kinds of complications during probate. If you are concerned about your child’s spending habits, if you don’t like your sister in law or your son in law, creating a will to specify how your assets are to be distributed is a way of addressing those issues.
Equally important to those of you who are parents is likely to be the selection of a guardian for your child to protect your child’s interests if ever both you and your spouse should both die before your child turns 18. You can name a person or persons with whom you and your child have a trusting relationship. . This arrangement will provide you with peace of mind and prevents your family from disagreements during their time of grieving.
What If I Don't Have a Will?
If you do not have a will, the State of Connecticut has laws that dictate to whom your assets will be distributed after your death.
For example, if you are married and have children (no matter what their ages are), your spouse is entitled to the first $100,000.00 plus one-half of the remaining assets. This may not be objectionable to you, but, if your children are adults and your spouse is the one who really needs care and financial security, you should consider creating a will to provide for the needs of your spouse first.
Additionally, If you are married and you have children from a prior relationship (whether by previous marriage or relationship) and you do not have a will, you should be aware that the law provides that half of your assets will be distributed to your spouse and the other half to your children. Again, you may be satisfied with this arrangement, but, in the event that you are not, you should consider creating a will that distributes your assets in accordance with your wishes.
You should also be aware that, without a will, assets that pass to your children pass to a guardian if they are under the age of 18 and to them outright if they are 18 or older.
As a parent, you may have very strong feelings about your child’s ability to responsibly manage money at the age of 18. Alternatively, you may have equally strong (or greater) feelings about your former spouse’s ability to manage money for your minor child. If your child is disabled, he or she may be disqualified for state and federal assistance if your assets are distributed directly to that child. If you have a disabled child, you should consider creating a special needs trust to provide for that child after your death.
In summary, to avoid the potential for unhappy consequences associated with dying without a will, you should contact an attorney to prepare a will that serves the needs of you and your family.
Other Estate Planning Tools
If you are interested in reallocating assets in order to help finance the education of a grandchild, provide medical care for a sick spouse, or fund a cherished cause, creating a trust can help you to achieve these goals while avoiding certain kinds of taxes.
At Gordon, Muir & Foley, an estate planning attorney can evaluate your current financial situation and discuss the options available to you.
To find out more about our estate planning practice or to schedule an appointment, contact Gordon, Muir & Foley's Estate Planning and Probate Administration Group today.
ESTATE PLANNING AND PROBATE ADMINISTRATION PRACTICE GROUP
Carol Anest (Paralegal)
