Why Everyone Needs an Estate Plan

Nobody likes to think about death, so estate plans are usually on the low end of the “to-do” list for younger people, especially if they don’t have children or substantial assets.  According to LexisNexis, more than 55% of Americans do not even have a will.  What people don’t realize is that without a plan, your family will be left scrambling to determine an administrator for your estate, and other details that you could have easily spelled out in a will.  Estate plans also cover advanced directives for incapacity, with instruments such as a durable power of attorney that specifies who will handle your finances if you become incapacitated, and a medical directive that specifies your end-of-life preferences.   Consulting with an experienced Farmington, CT estate planning attorney will help you determine the best estate plan for your family.

How a Will Helps Your Family

The sudden unexpected death of a family member, especially one that is young and healthy, is a tragedy.  A will enable your family to resolve your estate more quickly, and with less headaches and anxiety. For example, your will appoints an executor for your estate, streamlining the probate process that will get your debts (rent, electric bill, mortgage, etc.) paid more quickly, with the remaining funds and property distributed as per your wishes.  Without a will, your estate will be distributed based on your state’s “intestacy statutes,” which may or may not be what you would have wanted.  For example, a friend that helped you while you were ill will receive nothing, but a sister that you haven’t seen in years might get everything.  If you have children, a will gives you an opportunity to name a guardian.  A Farmington, CT wills and trusts attorney can help develop an estate plan that helps your family.

The Importance of Advanced Directives

Estate plans now typically include advanced directives to guide your loved ones should tragedy strike.  For example, if you are in an accident or suffer from an illness that decreases mental incapacity, your estate plan can specify under what conditions you should be considered to lack legal capacity, how you would like your financial matters handled in that event.  You can name a specific person for this responsibility, and the same person, or a different individual, can be in charge of your medical wishes in the event you are incapacitated and/or unable to communicate.