Simsbury Estate Planning Attorney

Skilled Legal Professionals Helping You Protect Your Family’s Future

Most individuals prefer not to think about their death and the traumatic effect it can have on their families. Without proper planning, your death can have severe repercussions for your family members, as they may be forced to wait for critical financial resources. Although it can be challenging to make decisions for your family members after your death, comprehensive estate planning is essential to ensure they have everything they need to succeed.

The Law Offices of Ericson, Scalise & Mangan, PC, is a law firm dedicated to assisting individuals and families with their estate planning needs. If you are considering estate planning or have questions, contact our law offices to schedule a consultation, and we will determine your legal options.

What Legal Documents Should Be Included in a Comprehensive Estate Plan?

Although most individuals understand the necessity of having a will, they are not entirely sure what legal documents should be included in a comprehensive estate plan. Critical estate planning documents include:

A will: A legal document that expresses your final wishes as to how your assets should be distributed and names your executor, who will manage your estate. If you have minor children, you can also specify who should care for them if you pass away
Trusts: One of the best strategies to avoid probate and protect your assets is to create a trust. Once you place assets in a trust, they are no longer considered your property and are therefore exempt from probate. Additionally, the terms of a trust remain private, unlike a will, which, when probate is complete, becomes public record. Additionally, because your assets do not have to go through probate court, they can be distributed more quickly than with a will
Durable power of attorney: A durable power of attorney authorizes another person to act on your behalf to manage your financial affairs should you become incapacitated
Advanced medical directives: Advanced medical directives generally include three types of legal documents: a living will, a healthcare proxy, and a do-not-resuscitate (DNR) order. A healthcare proxy designates who can make medical decisions should you be unable to do so, and a living will outlines medical preferences, particularly those regarding end-of-life care

Other critical components of estate planning include beneficiary designations, where ownership of property or accounts transfers automatically to the surviving owner after the decedent’s death.

Is Creating a Trust a Better Legal Option Than Just Having a Will?

Depending on your legal needs, creating a trust may be a better legal option than simply relying on a will to ensure your wishes are carried out. For example, although a will can outline your wishes for who should have guardianship of your minor children, it may not be enough to provide for their needs over time. Suppose you have a child with special needs. In that case, you can create a trust that allows them to have access to financial resources without jeopardizing their ability to receive necessary government benefits.

Other advantages of creating a trust include avoiding probate and beneficiaries receiving their assets without having to wait for probate to conclude. Trusts also offer a greater degree of privacy for your beneficiaries as the terms of a trust remain private, unlike a will that is open to public viewing once probated.

If you are concerned about creditors coming after one of your beneficiaries or worried about their ability to manage their finances, you can create a spendthrift trust. A spendthrift trust limits the beneficiary’s access to the trust’s financial resources as the trustee only distributes them at regular intervals.

How Does Estate Planning Protect Individuals if They Need to Go to a Nursing Home?

Our Connecticut attorneys have in-depth experience creating custom estate plans that provide our clients with the comfort of knowing their future is protected. When you turn to us for guidance, we will thoroughly evaluate your needs and formulate a tailored plan.

For example, as many adults age, they become more concerned with the possibility of needing long-term care. Due to the expense associated with nursing home care, older adults often fear that they will be forced to spend their hard-earned assets before they can qualify for Medicaid. A knowledgeable estate planning lawyer can create custom asset protection strategies, such as creating a trust, so that you can leave a lasting legacy for your future generations.

Only a highly experienced lawyer can advise you of the best asset protection strategies and how they could affect your ability to keep your home and other properties.

Other estate planning protections that work are essential for those who may need care assistance, including advance directives that provide guidance on the type of care that an individual does or does not wish to receive. Having these key legal documents in place can help prevent family disagreements and ensure that your family members are clear on your wishes regarding healthcare decisions.

Contact Our Simsbury Estate Planning Attorneys Today to Learn How We Can Help You Plan Ahead

Many individuals mistakenly believe that when they pass away, their loved ones will automatically inherit their assets. Unfortunately, this is not always the case, and many families are left to deal with probate matters as they wait to receive necessary financial resources. Having a strategic plan in place for your loved ones will allow you and your family to have the peace of mind you need to face the future with confidence.

Law Offices of Ericson, Scalise & Mangan, PC is a law firm that is proud to represent clients who have a wide range of estate planning needs. Whether you have questions about how to protect your assets or ensure the well-being and needs of your family, our attorneys are ready to assist you.