Chipman Mazzucco Emerson LLC

estate planning Archives

Avoid these errors when estate planning

Since planning for an estate can be difficult, it's no wonder that so many Connecticut residents aren't prepared for the future. In a recent survey administered by Wells Fargo, the number of Americans lacking important documents was high. Approximately 40 percent of Americans don't have the necessary estate plan documents in place to address potentially serious financial or health challenges.

Why a pour-over will could be useful

Connecticut residents who are planning their estate might want to consider creating a pour-over will as an accompaniment to a revocable living trust. The purpose of a pour-over will is to take care of any assets that a person does not place in the trust. It is best used as a kind of backup policy in case a person acquires assets after creating the trust or forgets to place some in it.

Important reasons to have an estate plan

More than half of all adults do not have wills. There are several reasons an estate plan may be important for people in Connecticut even if they have few assets. While there are template documents available, it is typically better to work with an attorney to create an estate plan and choose the right strategies for the estate.

How funeral planning declarations can help

Some people in Connecticut choose to include their funeral plans in their wills. While these provisions are enforceable, many family members do not search for wills before they hold the funerals for their loved ones. This means that the plans might be inadvertently overlooked.

Family complications can be an estate planning problem

The estate planning process can be complicated at times for people in Connecticut who want to ensure their families are taken care of after they pass away. However, internal family fighting can be one of the most concerning factors in estate planning; 44 percent of estate planning professionals surveyed by TD Wealth said that the biggest problem they face in planning for wills and wealth transfer is family division and disputes. While tax reforms can lead to changes in the way wealth is handled, family fighting can be emotionally intense, not merely legally complex.

Estate planning needs can change over time

The emotional impact of estate planning can be difficult for many people in Connecticut; because it can deal with sometimes-complex family relationships as well as the fraught topic of death, many people do not want to revisit will planning too quickly. This means that once complete, many wills, trusts and other important estate documents are often filed away for years on end without change or review because people know that they have taken action to protect their assets and their family. However, ongoing legal changes, as well as life developments, can make it a priority to review one's estate plan.

Mistakes to avoid with revocable trusts

One of the tools Connecticut residents can use in their estate plans is a revocable trust. However, it is important that they make the most of the investment they pay in legal fees to ensure that they are using the trust to its full potential and that their beneficiaries are able to take part in its value.

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