Simsbury Estate Planning Lawyer
Many people put off estate planning until it is either too late, or they delay to the point where they cannot take advantage of some of the more beneficial tools, such as strategic gifting to spend down their taxable estate. We encourage you to take action now. Estate planning does not have to be hard, but the complexities of it should be handled by an experienced Simsbury estate planning lawyer, such as estate planning lawyer Brian S. Karpe.
The Will (Simple Will, Basic Will)
Most people have a general understanding of what a will is: a tool used to leave behind one’s property to their loved ones. While this is true, a simple/basic will accomplishes more than this. It names beneficiaries for minor children, tells your loved ones who should care for pets, outlines where funds are located and how debts should be paid, names an executor to your estate, defines your final wishes such as cremation or burial, and more. A will is the first step in creating an estate plan.
Trusts: Used to Protect Assets and Pass Down Property to Beneficiaries
While there are many types of trusts, they are generally all used to protect and pass down assets. Some trusts are designed to keep assets within the family by reducing estate taxes, creditor claims, or lawsuits. Other types of trusts are designed to keep assets available to you, the grantor, for basic life expenditures while also enabling you to qualify for federal programs like SSI or Medicaid should you become disabled or require long term care. Trusts can be used to ensure that children from previous marriages get the inheritance they are entitled to, or ensure that your favorite charities end up with whatever is left over in your estate after heirs have been bequeathed. Of the dozens of types of trusts relevant to the average person’s needs, an estate planning lawyer can help determine what trust or trusts you are likely to benefit from the most.
Power of Attorney and Advance Healthcare Directives
Certain legal tools enable people or written documents to take over in the event of a disabling or otherwise incapacitating injury or illness. A durable power of attorney names a person to make financial and business decisions for you in the event of incompetency, while a healthcare power of attorney names a person to make healthcare decisions for you in the event of incapacitation. Furthermore, a living will or advanced healthcare directive provides a safeguard against unwanted end of life medical treatment should you become incapacitated due to stroke, coma, or another untreatable event that renders you incapable of communication.
Call a Simsbury Estate Planning Lawyer Today
There are many ways to preserve your wealth, ensure that beneficiaries are bequeathed as you wish, or ensure that you get the medical treatment you wish in the event of a serious injury or illness. An experienced Simsbury estate planning lawyer can help you accomplish all of these goals and more. Call Brian S. Karpe today at 860-217-1458 to schedule a free consultation.