Estate Planning | Making a Difference One Family at a Time

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will trust No one likes to ponder their own mortality. However, this discomfort often leads to an overlooked yet essential task: estate planning.

What happens if you die without a will or trust? The repercussions of dying intestate (without a will or trust) can be far-reaching. Here’s a closer look at the potential consequences and why establishing a will or trust is crucial.

The State Determines Your Estate’s Fate

In the absence of a will or trust, state intestacy laws decide how your assets are distributed. This automated distribution may not be consistent with your true wishes. For instance, in Connecticut, your spouse and children would share your assets, possibly leaving your spouse with less than you intended.

A Time-Consuming and Costly Probate Process

Without a will or trust to guide asset distributions, your estate undergoes a particularly complicated trip through probate, a court-supervised process that can be lengthy and expensive. Probate expenses will eat into your estate, and the proceedings become a matter of public record, compromising your family’s privacy.

The Court Chooses Guardians for Your Children

A will is vital for parents with minor children because it lets you name a guardian in case of your untimely demise. Without a will, the decision falls to the court, and their choice may not coincide with your preference, potentially creating upheaval for your family.

Potential for Family Disputes

Dying intestate can lead to conflicts among surviving relatives about asset distribution. Tensions can escalate and result in long-lasting family disputes. A clear will or trust can minimize these disagreements, preserving family harmony.

Unfulfilled Personal Wishes and Legacy

Without a will or trust, your personal wishes and legacy may not be honored. Whether you wish to leave a significant contribution to a favorite charity, pass an heirloom to a dear friend, or provide for your pet’s care, these desires remain unfulfilled if you die without a will or trust.

Higher Estate Taxes

Strategic estate planning, including wills and trusts, can help reduce estate taxes, leaving more assets for your beneficiaries. However, dying intestate could result in unnecessary taxes, diminishing the wealth left to your loved ones.

Delayed Access to Assets

Without a will or trust, the probate process can delay your beneficiaries’ access to your assets. Conversely, a funded worksheet access page to get your copy.

Need Help Now?

If you have decided that it is time for you to work with a Westport or Glastonbury, CT estate planning lawyer to put a plan in place, we can help. You can send us a message to set the wheels in motion, and you can alternately give us a call at 860-548-1000.

 

 

Jeffrey A. Nirenstein, Estate Planning Attorney
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