Is Estate Planning only for the wealthy? - Part 1

Is Estate Planning Only for the Wealthy? –Part 1

A common misconception that we encounter in our field is the idea that estate planning is only for a particular class of people—the super wealthy. While some types of estate planning endeavor to protect one's assets, other forms are about protecting your final wishes and protecting the interests of your loved ones, as you would see fit. All people deserve this right, regardless of how much money you have.

A Will is probably the most common estate-planning document. While most adults have an idea of what a Will is, some studies show that more than one-half of Americans don't have one. Moreover, fewer men have Wills than women; this statistic is startling considering that males, in many cases, are the sole breadwinners or earn significantly more than their wives.

A Will is as simple or as intricate as is necessary for a person's circumstances. The idea here is that you decide to whom and how your assets are distributed upon your death. You will also use this instrument to make other decisions, such as designating a guardian for your children, should something happen to you. Wills are important because without them, the State of Connecticut determines how your final affairs are carried out—that is, they will determine to whom your assets go, versus to whom youwant them to go. A properly executed Will, as well as other estate planning documents, can help prevent unnecessary fighting within your family, especially in a court room setting, and help to preserve your intent.

If you want assistance reviewing your Will or creating one, contact a Connecticut wills attorney to set up a consultation. You can click here for our contact information.

Categories: Estate Planning