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Estate planning is a crucial step in looking out for your loved ones and crafting your legacy. It allows a person to put their legal and financial affairs in order in the event of death or incapacitation from illness or injury. Consider the following benefits to having an attorney help you design a customized plan for your estate.

Why Should You Create an Estate Plan?

1. Avoid Probate

Without an estate plan, your estate would be handled through a legal process called probate. There, the court will decide how to divide your assets, usually according to your state’s intestacy laws. This succession may be quite different than what you intended.

However, there are other estate planning arrangements you can make that would avoid this process entirely. A living trust, for instance, takes ownership of specific assets during your lifetime and transfers them to the stated beneficiaries at your death, all while avoiding probate.

2. Prevent Family Discord

If you don’t have a will in place, some family members might feel slighted or hurt if they’re left out. As a result, family discord and resentment may develop, and the omitted heirs can choose to take legal action to contest the decisions made by the courts.

With an explicit estate plan, your wishes are made plain, and you will have named all the beneficiaries, thereby reducing the chances of challenges to the estate and minimizing family upheaval.

3. Ensure the Care of Your Pets

estate planningWhile you may consider your pet to be a child, the courts consider pets to be personal property. This means that, if you were to pass away without a will, the courts will decide who gets your pets, just as they would decide who gets a car or house or business. In a will, you can specify who should care for your pets, and you can direct funds to be allotted for their upkeep.

 

For assistance at every stage of estate planning, Stuart R. Norman Jr. is here to help. This qualified attorney has more than 40 years of experience serving clients throughout the New London County, CT, area. He represents estate planning, real estate, and elder law cases. Visit his website for more information about his practice and call (860) 376-0069 to schedule a consultation.

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