Estate planning can be a complicated arduous process, which is why too many people postpone preparing the necessary legal and financial documents. However, if you delay too long, you may leave family and other loved ones with a messy and painful ordeal. The team at Zangari Cohn Cuthbertson Duhl & Grello P.C. hopes answering these common questions about the process will encourage New Haven clients to get their affairs in order before it’s too late. 

Estate Planning FAQs

Can You Change an Estate Plan?

There are some components of an estate plan that cannot be modified, like irrevocable trusts. However, most other arrangements can and should be reviewed and modified periodically. For example, you should revise a will after life events like getting married, having children, buying a home, selling a business, and getting divorced. 

What Can a Will Include?

In a will, you can name a personal representative of the estate, bequeath property to specific individuals, establish guardianship over any minor children or dependents, and state last wishes regarding the funeral and burial. This document is the foundation of an estate plan, and everyone should file one with their estate planning attorney.

What Is a Trust?

Like wills, trusts are a vehicle for distributing assets to various beneficiaries. However, their scope is much larger. Trusts allow you to set very specific conditions regarding when assets are distributed and how they can be used. After creating the trust, you must “fund” it by transferring assets. Unlike property left in a will, these assets are exempt from probate because technically they’re no longer part of the estate. 

When Should You Create an Estate Plan?

Since life is unpredictable, it’s wise to create an estate plan as soon as possible. If inventorying all your assets seems overwhelming, consider doing it at tax time, when you have to track down important financial documents anyway. Start with a simple will, so you have at least something in place should tragedy strike. Then, as you acquire more assets, develop a more comprehensive plan and consider arrangements like trusts.  

If you need help drafting or updating a will, turn to an estate planning attorney at Zangari Cohn Cuthbertson Duhl & Grello P.C. Based in New Haven, CT, this reputable firm has been serving clients throughout New England since 1946. Their areas of expertise include employment law, business acquisition law, and municipal law. You can explore all the legal services they provide by visiting their website. To schedule an initial consultation with a lawyer on their team, call (203) 789-0001.