Estate Planning
Estate planning involves planning for how your assets will be preserved, managed, and distributed after death. It also takes into account the management of your property and the making of your medical decisions in the event that you become incapacitated.
Your individual situation and goals are what determines the options that I discuss with you. I will educate you so that your informed decisions then dictate what documents and type of planning we will prepare. We treat every client as an individual with their own unique goals. For example, the concerns of a parent with young children, or parents with a child with special needs, are different than the concerns of a parent with adult children from a prior marriage. This is why the starting point of our attorney client relationship will be getting to know your situation, which is why we begin by asking you to fill out an estate planning questionnaire.
Among the estate planning documents we might discuss, depending on your situation or questions, are Wills, Durable Powers of Attorney, Advanced Medical Directives such as Living Wills, Health Care Representative Appointments, HIPPA Waivers, and Revocable Living Trusts:
Wills:
This is the document that determines who gets your property. But maybe not all of your property. I explain to my clients that property with a beneficiary designation, such as life insurance or a 401(k) plan, or property jointly owned with another, or owned by a Trustee of a revocable trust, will not normally pass through your will. So we have to know how your property is titled to make sure that all your beneficiary designations and joint ownership property is consistent with your estate planning intentions.
The will is the document where you can name a guardian of your minor children. A parent will also choose how their property should be handled after death, whether distributions should be made outright, or perhaps in a trust until a child reaches a certain age. A client will express their wishes and name an Executor, and a Trustee if a trust is established, to carry out their stated intentions.
Trusts:
There are many types of trusts for different purposes. For instance, if you have are leaving property for your children in trust, that trust can either be in your will, called a Testamentary Trust, or a stand alone document that can also hold your property during your lifetime, called a Revocable Living Trust. We can help you decide what is the best choice for you.
Revocable Living Trusts
There are advantages and disadvantages to Revocable Living Trusts, but we will discuss whether one is appropriate for you. In general, they are a different way of owning property which can ensure your property is managed by your Trustee during your lifetime, and managed or distributed as you wish at your death, avoiding the probate court process. Please note that I will explain that in Connecticut, you can avoid the probate court process and still have your estate have to file a Connecticut Estate Tax Return and pay a probate fee, even if you have avoided the probate court process.
Durable Powers of Attorney
While nobody wants to think about death, many people don’t even consider the possibility that they might become incapacitated, and unable to manage their own affairs. Many are under the mistaken impression that one’s spouse or adult children can automatically take over for them if they become incapacitated. The truth is that in order for others to be able to manage your finances, they must petition a court to declare you legally incompetent or otherwise unable to manage your own affairs. This process can be lengthy, costly and stressful. This can be avoided with a durable power of attorney.
Advanced Medical Directives
Living wills and other advance directives are written, legal instructions regarding your preferences for medical care if you are unable to make decisions for yourself. Advance directives guide choices for doctors and caregivers if you’re terminally ill, unconscious, seriously injured, in the late stages of dementia or near the end of life.
By planning ahead, you can get the medical care you want, avoid unnecessary suffering and relieve caregivers of decision-making burdens during moments of crisis or grief. You also help reduce confusion or disagreement about the choices you would want people to make on your behalf. With Hippa authorizations, you can ensure that medical providers will be able to speak with your loved ones about your condition.