An estate plan should not just be a means for you to dispose of your property. It should give you piece of mind while enhancing the lives of your loved ones. It should protect you and your beneficiaries. It should provide you with the opportunity to ensure that both you and your loved ones are taken care of, regardless of what happens during your life and after.
A properly designed estate plan should do all this regardless of how much money you have or property you own. Here are 5 ways your estate plan can accomplish this:
- Designated "Backup Parents"/Caregivers - Your estate plan will ensure that your minor children are taken care of by a person of your choosing in the event something happens to you. The decision should be yours...not the Court's.
- Safeguarded Inheritance - An estate plan can include a trust or trusts that will keep an inheritance safe from immediate depletion by younger loved ones or a bad case of "affluenza."
- Asset Protection - An estate plan can include trusts that provide your loved ones with a layer of inheritance protection from divorce, lawsuit, creditors and predators
- Incentives/Value Transfer - Do you want to pass on more than just property? Your estate plan can be drafted to encourage certain uses of the inheritance you leave behind.
Special Needs - Do you have family members who currently have
special needs? Do you have loved ones who you want to protect in the event that they do need special assistance some day (e.g. parents or adult children)? Your estate plan can be drafted to help ensure this takes place.
Remember, estate planning is a process not an event. Your needs and desires will likely change over time. What was important to you when you first created your documents may have changed. The circumstances in your life or the lives of your beneficiaries may have changed. The result may be that your estate plan needs to be changed.
If you think you would like to know more about what your available options are when it comes to your estate plan, contact a Connecticut Estate Planning Attorney at your earliest convenience. You can learn more about us