Wills and Will Substitutes: Estate planning Services in Fairfield County

Protect Your Wealth for the Next Generation

At Chipman Mazzucco Emerson LLC, our team of estate planning lawyers helps clients preserve wealth, manage assets, and efficiently transfer property to their intended beneficiaries. Strategies to transfer wealth can be simple but tax and other considerations can make them more complicated. CME’s estate planning attorneys have the experience and know-how to help you determine the best strategy for your situation.

For experienced guidance in creating your will, get in touch with Chipman Mazzucco Emerson LLC by dialing (203) 902-4882 or completing our online form.

Preparation of Wills and Will Substitutes

With a Will, you can designate the recipients of your assets after you pass away. If you do not have a Will at the time of your death, assets will pass at your death either through a Will substitute like a revocable trust, beneficiary designation or joint ownership or according to State law that applies when there is no Will (the intestacy statutes).

The result achieved under the intestacy statutes is often quite different from what you would guess or intend. The result achieved when you rely on beneficiary designations and joint ownership is often incomplete and unreliable. A more complete and reliable plan would include a Will, often supplemented with a revocable trust.

If you want to make sure your assets go to the appropriate recipients, it makes sense for you to consult with an attorney with the experience and know-how necessary to help you take into account all the relevant issues.

• Related: The Characteristics That Make Wills and Trusts Different

What Are the Benefits of a Will?

With a properly drafted Will, you can:

• Make sure your assets are distributed as you wish
• Appoint an executor to carry out the instructions in your Will and grant the executor the powers needed to do the job
• Appoint a guardian for your minor children
• Create trusts to manage and protect assets for your loved ones as long as they need management and asset protection
• Minimize expenses and taxes and make provisions for the payment of debts
• Expedite the legal process for your loved ones and beneficiaries

Related Blogs

• Do Couples Without Children Need a Will?
• Why a Pour-Over Will Could Be Useful

Who Can Make A Will In Connecticut?

In Connecticut, anyone over the age of 18 and "of sound mind" can establish a will. The individual who creates a will is commonly referred to as the "testator". In Connecticut, a will must meet specific standards to be considered legitimate. It must be in written form, signed by the testator, and attested by at least a pair of witnesses. These witnesses ought to be impartial people without any financial stake in the will.

While Connecticut law does not require an attorney to draft a will, it may be beneficial to consult with a lawyer, especially in complex situations or if the estate involves significant assets. Self-made wills t are also accepted in Connecticut, but they must still meet the aforementioned requirements to be considered valid.

A will is an essential component of a comprehensive estate plan, which can incorporate additional documents like a power of attorney and a living trust. While working with a lawyer is not legally required, many people prefer to do so to make sure their will adequately conveys what they desire and follows all state laws.

Other Legal Strategies for the Disposition of Assets

Your Will is merely one method to provide instructions regarding the disposition of your assets at death. It should be used in a thoughtful and coordinated way with other methods such as beneficiary designations for life insurance and retirement accounts, joint ownership with rights of survivorship, revocable trusts and certain other trust and business arrangements.

We can provide you with personalized advice regarding all the types of strategies for the disposition of assets at death:

• Living trusts
• Life insurance trusts
• Charitable trusts
• Special needs trusts
• Family foundations
• Generation skipping trusts
• Beneficiary designations for life insurance and retirement accounts
• Joint ownership
• Business ownership and management succession

When Should I Update My Will?

Many things in your life will change. When a major life event occurs, or a change in your life circumstances occurs, you need to think about your will.

Events that can change your will:

• Your will is going to have numerous beneficiaries. Well what if one of your beneficiaries dies? What if you have a falling out with one of your beneficiaries and the relationship is irreparable? What if someone new becomes very important to you and you want them as a beneficiary? All of these things warrant a review of your will, and possibly a change to some of the provisions.
• What if you get married or divorced? What if you have children or grandchildren? What if one of your children turn 18? In each of these cases, you should look over your will and make changes as necessary.
• Your state’s laws regarding estate plans and wills could change. Your estate could increase or decrease in wealth. Maybe enough time has passed since your last will update that you should review it again.

Reliable Legal Counsel in Connecticut from CME’s Fairfield County and Western Connecticut Locations

If you want a thoughtful and coordinated plan for the disposition of your assets at death, it makes sense for you to consult with an attorney with the experience and know-how necessary to help you take into account all the relevant issues.

Suggested Reading:

• Is it Better to Have a Will or Trust?
• Do Couples Without Children Need a Will?

Call (203) 902-4882 or contact us online to request a case consultation today.