Farmington Estate Planning Attorney

Providing Legal Guidance Through Every Step of the Estate Planning Process

Contemplating how life will be for your family after you pass away can be challenging. No one likes to think about dying. Many individuals believe that their assets will automatically be transferred to their immediate family after their death. However, this is not always the case. Planning now is the most effective way to ensure that your family has the financial resources they need after your death.

The Law Offices of Ericson, Scalise & Mangan, PC, has comprehensive experience helping clients prepare for the future. Contact our law offices today to book a consultation, and we will determine what legal strategies suit your needs.

What Advantages Does Estate Planning Offer?

Although many individuals mistakenly believe that they must be older adults or very wealthy to need an estate plan. Estate planning offers valuable benefits to individuals of all ages and income levels.

One of the most considerable benefits of estate planning is that it can help you plan for incapacity and assist your family members in avoiding the probate process. A knowledgeable estate planning attorney will create legal documents, such as irrevocable trusts, that can protect your hard-earned assets should you need to go to a nursing home. Additionally, once you place assets in a trust, they are considered the trust’s property and not subject to probate. Avoiding probate ensures that your heirs and beneficiaries can quickly receive their financial resources without having to wait for probate to conclude.

Another significant benefit of estate planning is that it allows you to dictate who should have guardianship of your minor children should you pass away and ensure that your assets will be distributed per your final wishes.

What is the Difference Between a Will and a Trust?

Although a will and a trust are both meant to protect families and other beneficiaries, some individuals are uncertain regarding the differences between them. Although a will offers significant legal protections, a trust can go one step further in allowing flexibility in maintaining your assets.

Wills

In Connecticut, a will becomes effective upon the death of the testator, the person who created the will. The primary objective of a will is to distribute the decedent’s assets and appoint guardians for minor children. A will also names the executor who will manage the estate and distribute assets after the testator’s death. Unless the estate is valued under $ 40,000, it must go through probate.

Trusts

Trusts go a step further than wills and allow the grantor, the person who created the trust, to protect their hard-earned assets and provide for incapacity. Because the property in the trust is not considered part of a decedent’s estate and is therefore not subject to probate, a grantor can appoint themselves to be the trustee during their lifetime and then a successor trustee to distribute assets after their death. Unlike wills, trusts offer more flexibility and maintain privacy, whereas a will is part of the public probate process.

Why is it Essential to have an Estate Plan and Not Just a Will?

Connecticut law stipulates that if a decedent dies and only leaves a will and assets valued at over $40,000, their estate will have to go through probate. A well-crafted estate plan can help your loved ones avoid probate and also protect your well-being.

For example, a skilled estate planning attorney will assess your needs and create a tailored plan that also preserves your legal rights. For example, an attorney can ensure that you have proper estate planning tools, including:

• Joint ownership of assets where ownership automatically transfers from you to the surviving owner upon your death
• Beneficiary designations for retirement accounts and life insurance policies
• Incapacity planning includes creating a durable power of attorney or healthcare directives that allow another person to manage your financial affairs or medical treatment if you become incapacitated

By creating a comprehensive estate plan, you can have peace of mind knowing that your final wishes will be followed and that your heirs and beneficiaries will be cared for after your death. Estate planning also helps to prevent potential family disputes, especially when it comes to making end-of-life care decisions.

Why Do I Need to Hire an Attorney to Help Me With Estate Planning?

If you are considering estate planning, the most effective approach is to hire a qualified attorney to assist you. Connecticut has complex estate planning laws that can be challenging to navigate for those who lack legal training. An estate planning attorney is familiar with the nuances involved in creating a detailed strategy that will protect you and your loved ones and hold up to legal scrutiny.

One of the last issues you want your heirs and beneficiaries to deal with is probate, challenges to your will, or how trust administration is being carried out. All too often, individuals have poorly worded legal documents that can be challenged in court. An attorney will make sure that your estate plan is well-written and adequately provides for your needs.

An attorney can offer you sound advice as far as helping you understand the legalities of appointing someone as a guardian for your children, setting up special needs trusts, or power of attorney documents.

Contact the Law Offices Of Ericson, Scalise & Mangan, PC, Today So We Can Start Planning for Your Future

The Law Offices of Ericson, Scalise & Mangan, PC is a law firm that is committed to helping individuals and families plan for the future. When you come to us for help, we will thoroughly evaluate your legal needs and determine what legal services will provide maximum benefits. Our attorneys and legal team have in-depth experience assisting clients and would be honored to assist you.

Contact our law office today at 860-854-3809 to schedule a consultation.