Wills and Will Substitutes: Estate planning Services in Fairfield County
Protect Your Wealth for the Next Generation
At Chipman Mazzucco Emerson, 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.
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.
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
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.
Tailored Legal Solutions
We strive to find the optimal solution for each unique situation. We are well aware of conventional approaches, but we also think outside the box.
Highly Competent Legal Guidance
We will analyze your situation thoughtfully and investigate the relevant law thoroughly to devise a creative solution, customized for your situation.
Responsive and Accessible
We pride ourselves on responding promptly to every inquiry as we recognize that your time is valuable and that your needs are immediate.
Deep Bench of Attorneys
At our firm, our attorneys have over 100 years of combined experience, each able to bring their unique knowledge and skillset to your case.