Estate planning allows you to decide what should happen to your assets after you pass on. Whatever your age or current health, it’s wise to have the relevant legal paperwork handled. Whether you draft a will or establish a living trust, an attorney can create the relevant documents. Here is a guide to these essential files.

Estate Planning FAQ

What Should an Estate Plan Include?

The first step in estate planning is listing all your assets, allowing you to determine “who gets what.” This includes everything from business shares to bank accounts, retirement funds, property, and cars. These assets are to be divided among loved ones and associates as you see fit.

Can You Include End-of-Life Wishes In Your Estate Plan?

Yes, using a living will. This legal document specifies your preferences regarding medical treatments in case can’t voice opinions yourself down the line. For instance, do you want life support? You can also designate a medical power of attorney to make these choices.

What Is the Difference Between Wills & Trusts?

Both are types of estate planning documents. A will details what will happen to your property when you die and name an executor to oversee the distribution of wealth. A trust fulfills the same purpose but offers more flexibility, allowing you to set conditions on when and how wealth is distributed to heirs.

What Happens If You Don’t Have An Estate Plan?

State laws will go into effect, and the courts will determine “who gets what” by default. Usually, your spouse or children are first in line. This lacks the specificity of personalized estate planning. Additionally, planning allows you to find the best ways to avoid excessive taxes and fees from minimizing the estate.

Residents of Griswold, CT, trust Stuart R. Norman Jr. for their estate planning needs. A born and raised local, Stuart is committed to serving his community with top-quality legal services rooted in trust and compassion. He was admitted to the Connecticut State Bar in 1974 and has built a reputation for honest work since then. Find out more about his experience online. You can reach him online or by calling (860) 376-0069.