Wills and trusts are often considered the foundation of wise estate planning. Whether you are a parent, a spouse, or are single, knowing how estate law works empowers you to make good decisions. These frequently asked questions may prepare you for deeper discussions about handling your affairs. 

How Wills & Trusts Impact Estate Planning

What happens if I pass away without a will?

If you pass away without a will and own property that does not transfer to someone else automatically, state law determines who receives the property, or estate. Generally, your estate goes to surviving relatives, such as a spouse, child, parent, or sibling. When someone dies without a will and leaves minor children, the state names a guardian for them.  

Is a will the only way I can leave someone my property?

No. Connecticut law gives you estate planning options, including the creation of a trust. You can place a variety of properties in a trust, including real estate, stocks and bonds, motor vehicles, cash, and lottery tickets. Depending on the type of trust you create, you can be a beneficiary or a trustee who administers the trust.

What kinds of trusts are there?

There are two basic categories of trusts that an adult settlor, or trust creator, can establish. One category is inter vivos, a living trust, which takes effect during the settlor’s lifetime. The other is a testamentary trust, which takes effect when the trust creator passes away. Testamentary trusts are usually mentioned in the settlor’s will.

Can I make changes to a will or trust?

Yes. Your will has no effect until you pass away, so you can make changes at any time as long as you are mentally capable. A trust is either revocable, meaning you can make changes, or irrevocable, which means it cannot be changed.

Consulting an experienced estate planning attorney about drafting a will and setting up trusts ensures your actions comply with the law and fit your goals and circumstances.  

Stuart R. Norman Jr. offers wise counsel and skilled drafting when writing wills and trust documents for residents throughout Connecticut’s New London County. If you are ready to discuss your estate planning goals, this experienced and compassionate attorney provides the guidance you need to make smart choices. To schedule a consultation, visit their website or call (860) 376-0069.