In Glastonbury, Connecticut, "estate planning" refers to the process by which a person makes arrangements related to their property after their death. It can (and should) also include personal issues that might come up immediately before and after a person's death.
One of the first things an estate planner will ask you about when you come to them for assistance is what you want to put in your will. A will is a document which says who is going to get your property after your death. Once it is proven valid, a will is binding, meaning that the beneficiaries get legal ownership of whatever is left to them. Obviously, if you have any interest in what is done with your property after you die, a will is going to be at the center of your estate plan. Nonetheless, it is rarely the only part of a solid estate plan.
For instance, a reliable estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
For anyone who has children who are still minors, it is very critical to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's crucial to discuss this matter with that person before you truly do it.
What Type of Estate Plan Do I Need in Glastonbury, Connecticut?
This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For instance, if you are in your 20's and unmarried, an estate plan likely does not need to be on your priorities, unless you are very ill, or independently wealthy.
If you're not married in Glastonbury, Connecticut, but have a life partner, estate planning is imperative. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Furthermore, your will should precisely name your partner as a beneficiary, if you want them to inherit any of your assets.
There is another considerable group of people who would benefit from having a good Glastonbury, Connecticut estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is crucial and unavoidable.
Do I Need a Glastonbury, Connecticut Estate Planning Attorney?
Because estate planning in Glastonbury, Connecticut can involve some confusing legal and financial issues, it is necessary to undertake this task with the guidance of an experienced attorney who specializes in estate planning.