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Securing a Strong Financial Foundation for the Next Generation
Do you know how a solid estate plan can safeguard your family and their inheritance? One of the best ways to ensure that your family has the economic resources they need after you pass away is to create a comprehensive plan that expresses your wishes.
The Law Offices of Ericson, Scalise & Mangan, PC, is committed to helping you leave a lasting legacy for your heirs and beneficiaries. For more information about our estate planning services, please contact our qualified legal team, which is ready to answer your questions. Contact us today to schedule a consultation.
What are the Three Main Goals of a Comprehensive Estate Plan?
A comprehensive estate plan must include three main components to provide you and your family with maximum protection. A thorough estate plan aims to accomplish several things, including:
Asset Distribution
Creating a will or trust is a crucial part of estate planning. A strategic estate plan allows you to specify how your assets should be distributed and who should inherit after you pass away.
Designating an Agent to Act on Your Behalf
In Connecticut, two legal documents can authorize your designated agent to act on your behalf: a financial and medical power of attorney. A durable power of attorney empowers your chosen agent to manage your finances if you become unable to do so yourself. A medical power of attorney acts in the same way, with the agent being able to make healthcare decisions if you are unable to do so.
Specifying Beneficiaries
Beneficiary designations are an essential component of an estate plan, especially if you have assets that are not addressed in a will or a trust. Beneficiary designations are usually applied to retirement accounts and life insurance policies. One of the most significant advantages of beneficiary designations is that they enable critical financial resources to circumvent the probate process.
How Can Estate Planning Help My Family Avoid Probate?
Connecticut law stipulates that all estates must go through probate if they exceed $40,000 in value. During the probate process, the court will validate a will, if one exists, and supervise the payment of all debts and the distribution of the decedent’s assets. Depending on the circumstances involved, probate can be costly and time-consuming, and delay beneficiaries’ ability to receive essential financial resources. With the help of an attorney, you can create a solid estate plan that spells out your wishes and helps to prevent probate litigation proceedings.
Fortunately, there are several estate planning options that you can implement that will allow your loved ones to bypass probate, including:
- Establish a living trust: When you transfer your assets into a living trust, sometimes referred to as a revocable trust, they are no longer counted as part of your estate. You can act as the trustee of the trust and manage the assets as you see fit. Upon your death, your successor trustee will distribute the assets per the trust’s terms
- Joint ownership with right of survivorship: Any property that is jointly owned with another individual and includes the “right of survivorship” automatically transfers to the surviving owner when the other joint owner dies
- Beneficiary designations: Payable-on-death (POD) bank accounts, IRAs, 401(k)s, life insurance, and brokerage accounts can be created with beneficiary designations that allow recipients to inherit automatically after the account owner’s death
Why Should I Hire An Attorney to Help Me With Estate Planning?
If you want to protect your assets and plan for your family’s future, it is best to hire an attorney who is familiar with the legal nuances involved with estate planning. Aside from the legal aspects involved with safeguarding your assets, a well-crafted estate plan can also help to prevent family disputes and avoid probate.
When you hire an estate planning attorney, they will focus on the issues that matter most to you, such as protecting your assets and ensuring that your beneficiaries can confidently face the future after your death. One of the most significant services that an estate planning attorney provides is to verify that the plan meets all state and federal standards and will hold up to legal scrutiny. Legal mistakes, ambiguous language, or omissions could result in estate litigation, which can be costly and time-consuming.
Depending on your needs, an estate planning attorney can also assist with trust administration to make sure that your final wishes are carried out as you desired. A legal professional will also assess your overall needs to tailor an estate plan that meets your specific requirements. Suppose you have a child with special needs. In that case, your attorney can advise you on how to create a special needs trust (SNT) that will allow them to access economic resources without jeopardizing their ability to collect government benefits.
If you still have questions about the benefits of hiring an estate planning attorney, contact our law office to schedule a meeting with a qualified legal team member who will gladly address your concerns.
Contact Our Skilled Legal Professionals Today to Learn More About Our Estate Planning Services
Law Offices of Ericson, Scalise & Mangan, PC is a West Hartford, CT, law firm that takes pride in helping our community members with their estate planning needs. Although it can be challenging to contemplate your death, not planning has devastating consequences for your loved ones and other beneficiaries.
When you seek our help, we will conduct a thorough review of your legal needs and what we need to do to protect your legacy. We also assist our clients with conducting periodic reviews to ensure that their estate plans are up to date and still reflect their financial goals and values.
You may contact our law firm at either our New Britain number at 860-854-3809 or Avon at 860-854-3545 to schedule a consultation so we can determine your legal options.
