Why Should You Have an Estate Plan?

Thinking about what would (and should) happen to your assets after you pass away can be anxiety-inducing and uncomfortable for many individuals. However, in the past few years, the importance of having an estate plan has become more relevant than ever. As we know, death is inevitable, and everyone (regardless of age, wealth, and health condition) should have an estate plan to provide peace of mind and ensure that the decedent’s final wishes are carried out properly.

Many people mistakenly believe that only wealthy, old, and/or terminally ill people can benefit from writing a will. However, that is not true. With a will, you can give yourself and your family peace of mind knowing that your wishes are known and will be honored. This is where a Last Will and Testament comes in. If you are considering and executing a will, contact DeChello Law Firm LLC to get expert help.

Our estate plan will attorneys in North Haven, Connecticut, can provide you with the legal experience and guidance to create an estate plan that is tailored to your needs, goals, and wishes. With an office located in North Haven, we provide estate planning services throughout New Haven County.

What Is a Will (Last Will and Testament)?

A will is a legal document with the primary function of outlining the distribution of your assets after your death. A will is a document that provides instructions on how your property and personal belongings should be divided and who should be responsible for carrying out your wishes upon your death. By creating a will, you can ensure that your final wishes are being carried and that your loved ones receive what you intend them to receive. However, many Americans fail to have a will and attribute this to procrastination or lack of assets and die without a will. 

Why Should You Consider Writing a Will?

There are several reasons why you should consider writing a will:

• Peace of mind. Your assets will be distributed as you intended.

• Family protection. Prevent family feuds by making sure everyone understands your intentions and wishes.

• Cost-effective. Probate costs can get expensive, depending on the estate’s size. By having a will in place, you can reduce the cost of probate.

• Minimize taxes. A comprehensive will can help reduce estate and gift taxes, in addition to reducing administrative costs.

• Customization. With a will, you can customize your distribution plan to fit your specific needs while still ensuring your loved ones are taken care of.

• Guardian of minor children. A will can indicate who will be the guardian of your minor children.

Types of Wills

There are different types of wills that people can draft during their lifetime, including but not limited to: 

• Simple Wills 

• Handwritten (Holographic) Wills 

• Oral (Nuncupative) Wills 

• Pour-Over Wills 

However, not all types of wills are recognized under state law. In Connecticut, courts do not recognize handwritten and oral wills created within the State of Connecticut. However, if a handwritten or oral will was created in another state and was valid in that state, it can be probated in Connecticut.

What Does a Will Contain?

A will can contain specific information, including:  

1. A designation of an executor; 

2. An appointment of guardians for minor children;  

3. Who the beneficiaries are; and  

4. Instructions for the distribution of assets. 

The executor is the terminology that is used to identify the person who is responsible for administering the estate and carrying out the directions outlined in the will. Beneficiaries are those who will receive the assets listed in the will. Instructions for the distribution of assets outline how property is to be divided, including any conditions or restrictions.

If you do not have these important documents, state law will determine who will inherit your property—and it may not occur in the way you would have chosen. In addition, someone appointed by the court, instead of a trusted person of your choosing, will be in charge of caring for any children or pets and winding up your affairs. Spelling out your wishes in a will or trust will also prevent unnecessary confusion, anxiety, and expense for your loved ones when you are gone.

The Legal Requirements for Writing a Will in Connecticut

To create a will in Connecticut, you must meet certain legal requirements:  

• Be at least 18 years old;  

• Be of sound mind; 

• Sign the document;

• At least two witnesses must be present when you sign the will; and

• Must be acknowledged before an attorney or notary.

Can You Change or Revoke the Will?

Yes, a will is flexible, and you can change or revoke it as many times as you want, provided you are of sound mind, legal age, and have followed the proper legal procedures. The process of changing a will is called a codicil or an amendment, whereas the process of revoking a will is called a revocation.

Differences Between a Will and a Trust

You need to understand the difference between a will and a trust before you make a decision to create one of these documents, though both of them can complement one another. While both serve the purpose of distributing your assets upon death to named beneficiaries, they do have differences.

A will becomes effective only after your passing, and it must go through the probate process. The probate process is where the court ensures that the will is valid and then oversees that the will’s terms are carried out until the probate process is finalized. A will is a public document.

A trust becomes effective as soon as it is created, and it is controlled by a trustee, who is usually a person of your choice. A trust is a private document, and trusts can be funded during your lifetime, allowing you to transfer assets to the trust while you're still alive, avoiding the need for probate court approval.

How a Will Attorney Can Help

Creating a will is an essential step in protecting your assets and ensuring your loved ones are taken care of after your passing. While you may be able to create a simple will on your own, it is always best to seek guidance from an attorney to ensure your will is comprehensive and legally valid. If you are considering and executing a will, contact DeChello Law Firm LLC to get expert help.