• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Nirenstein, Horowitz & Associates P.C.

Estate Planning | Making a Difference One Family at a Time

An Estate Planning Law Firm
Making a Difference One Family at a Time

Call Now: (860) 548-1000

Attend a Complimentary Seminar
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
  • Twitter
  • YouTube
  • Home
  • Our Firm
    • About Our Firm
    • Careers
    • Client Testimonials
    • Meet Our Team
  • Services
    • Asset Protection & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Pet Planning
    • Powers of Attorney
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
  • Elder Law
    • Alzheimer’s Disease
    • Caregiver Information
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
  • Resources
    • Complimentary Estate Planning Worksheet
    • Complimentary Medicaid/Long-Term Care Calculator
    • DocuBank
    • Elder Law Resources
      • Glastonbury Elder Law Resources
    • Estate Planning Articles
    • Estate Planning Checkup
    • Estate Planning Definitions
    • Estate Planning Presentations
    • Estate Planning Seminars
    • Estate Planning Techniques
    • Frequently Asked Questions
      • Asset Protection and Business Planning
      • Elder Law & Medicaid
      • Estate Administration
      • Estate and Gift Tax
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • In-Home Elder Care
      • Irrevocable Trusts
      • LGBTQ Estate Planning
      • Living Trust
      • Medicaid Planning
      • Nursing Home Asset Protection FAQs
      • Probate
      • Probate Avoidance
      • SECURE Act 2.0
      • Trust Administration
      • Wills
    • Newsletters
    • Probate Resources
      • Probate Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Seminars
  • Communities We Serve
    • Fairfield County
      • Darien
      • Fairfield
      • Stamford
    • Hartford County
      • Avon
      • Hartford
      • Simsbury
      • West Hartford
    • Litchfield County
      • Watertown
    • Middlesex County
      • Middletown
      • Old Saybrook
    • New Haven County
      • Middlebury
      • New Haven
    • New London County
      • Groton
      • Old Lyme
      • Stonington
    • Tolland County
      • Mansfield
    • Windham County
      • Woodstock
  • REVIEW US
  • Blog
  • Contact Us
Home » Estate Planning » Estate Planning: Do You Need More Than a Will?

Estate Planning: Do You Need More Than a Will?

May 24, 2022 by Jeffrey A. Nirenstein, Estate Planning Attorney

estate planning tipsA lot of people think estate planning equals the creation of a will, and that’s the long and short of it. Why would you need anything else when a simple will can be used to express the way that you want the slices of your pie to be distributed after you are gone?

This logic may make sense to someone that is not in the estate planning field, but in reality, there is a lot more to think about. In fact, you may be surprised to hear that a will is not the best asset transfer vehicle to use in many cases.

Simple Will Alternatives

If you are going to utilize a simple will as the centerpiece of your estate plan, you name an executor when you are drawing up document. This is the estate administrator, and your loved ones that are going to receive inheritances would be the beneficiaries.

The executor would be required to admit the will to probate after your death. This is a legal process, and there is a proving of the will when probate is underway. The court will examine the document to determine its validity, and will contests can be presented.

Creditors are notified your death, and they are given time to make claims. The executor of the estate will open an estate bank account, and final debts will be paid, including taxes.

When the estate has been probated, the assets will be distributed to the beneficiaries in lump sums. There will be no asset protection or spending safeguards when the estate has been closed.

This can be disconcerting if you are leaving money to people that are not ready to handle it, and there is also a waiting game. It will take about eight months at minimum, and no inheritances are distributed while the estate is bogged down in probate.

If the drawbacks are not very appealing, you can use a revocable living trust as an alternative. You would be the trustee, so you would not lose control of the assets. In the trust declaration, you name a successor trustee, and once again, your heirs would be the beneficiaries.

A spendthrift clause can be included, and the trust will become irrevocable after your passing. Creditors of the beneficiaries would not be able to reach the principal, and you can dictate the distribution terms.

For example, you can instruct the trustee to add a portion of the principal to the trust’s earnings to provide a certain dollar amount each month for a number of years. Ultimately, you could allow for lump sum distributions of the principal when the beneficiaries reach a certain age.

This is just one possibility, but you would have the power to decide on the distribution terms that you are comfortable with when you are establishing the trust.

Another major benefit is the avoidance of probate. After you are gone, the trustee would distribute assets to the beneficiaries in accordance with your wishes outside of probate. There would be no court involvement, so the drawbacks that we looked at would never enter the picture.

The living trust is the will alternative that is right for most people, but there are other possibilities. When you work with our firm, we will gain an understanding of your situation and your objectives and explain your options so you can make informed decisions.

Incapacity Planning

There is an element that many people overlook, but it is very important. Your life expectancy is into your mid-to-late 80s once you reach the age of 67. Unfortunately, over 30 percent of people that are 85 years of age and older contract Alzheimer’s disease.

This is not the only cause of cognitive impairment, and some people become incapacitated due to medical conditions that are not cognitive in nature. If you do nothing to prepare for this possibility, you could become a ward of the state.

You can and should take the matter into your own hands in advance. Your incapacity plan will include advance directives for health care, and one of them is a living will. This device is used to state your life support utilization preferences.

To address medical scenarios that are not related to life-support, you can name a decision-maker in a durable power of attorney for health care. A HIPAA release should be included to give your health care agent the legal right to access your medical records.

A durable power of attorney for property should be added to name a financial representative. If you have a living trust, you can name a disability trustee to administer the trust in the event of your incapacity.

We Are Here to Help!

If you are ready to work with a Glastonbury, CT estate planning attorney to put a custom crafted plan in place, you can call us at 860-548-1000 to schedule a consultation appointment. There is also a contact form on this site you can use to send us a message.

  • Author
  • Recent Posts
Jeffrey A. Nirenstein, Estate Planning Attorney
Jeffrey A. Nirenstein, Estate Planning Attorney
Founding Partner and Vice President at Nirenstein, Horowitz & Associates PC
Jeffrey A. Nirenstein is a founding partner and vice president of the law firm of Nirenstein, Horowitz & Associates, P.C. He received his bachelor of arts degree in government from Clark University and his law degree from New York Law School.

Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
Jeffrey A. Nirenstein, Estate Planning Attorney
Latest posts by Jeffrey A. Nirenstein, Estate Planning Attorney (see all)
  • Exploring the Tax Benefits of Charitable Trusts - September 14, 2023
  • The Ripple Effect of Dying Without a Will or Trust - August 29, 2023
  • Will an Unwitnessed Handwritten Will Hold Up in Court? - August 10, 2023
Share our Content:

Filed Under: Estate Planning Tagged With: Incapacity Planning, living trust, simple will

Other Articles You May Find Useful

probate avoidance
Understanding the Probate Process and How to Avoid It
estate planning terms
Navigating the Labyrinth: Key Estate Planning Terms
estate planning for divorced women
Navigating Your Estate Plan: A Post-Divorce Guide for Women
legacy planning
Legacy Planning: You Can Make a Real Difference
529 college savings plan
The Gift of Education Can Be Part of Your Estate Plan
estate plan updates
Regular Reviews and Updates of Your Estate Plan Are Essential

Primary Sidebar

Nirenstein, Horowitz & Associates

Upcoming Seminars

Estate Planning Seminar

Date: October 17

Venue: Canton Community Center, 40 Dyer Avenue, Collinsville, CT, 06019, United States

Estate Planning Seminar

Date: October 18

Venue: Cheshire Public Library, 104 Main Street, Cheshire, CT, 06410, United States

See all Seminars

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

TESTIMONIALS

Blog Subscription

Our blog gives you the most up-to-date estate planning news. Sign up today to receive our regular updates!

  • This field is for validation purposes and should be left unchanged.

WESTPORT OFFICE

8 Wright Street, Suite 107
Westport, CT 06880
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr_map

Somerset Square

200 Glastonbury Boulevard, Suite 202
Glastonbury, CT 06033-4418
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr1_map

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.