The typical layperson would have no reason to understand all of the nuances involved in estate planning. But the fact is that there are many tools in the estate planning toolkit, and you may not have heard of a lot of them.
Of course the last will is the most commonly utilized estate planning vehicle, and everyone has heard of this document. However, the last will is not the only type of will and we would like to take a glance at a few of the others here.
Ethical Wills
Ethical wills have been used since biblical times, and they are part of the Jewish tradition but are currently recommended by estate planning professionals to people of all backgrounds. With an ethical will you write down your final thoughts, sharing your moral and ethical values with your loved ones. This can be an invaluable document that holds a great deal of meaning to your family after you pass away.
Living Wills
Living wills are advance health care directives, and with these documents you express your wishes regarding medical procedures such as the use of artificial life support measures.
Pour-Over Wills
You may choose to use a revocable living trust to transfer the bulk of your assets to your loved ones. When you fund the trust it is likely that you will retain some liquid assets in your own name. The pour-over will directs these remaining assets into the trust after your passing.
This is just a brief look at a few of the tools that are available to you. The best way to prepare for the future intelligently is to explain your vision to an experienced and licensed Hartford estate planning lawyer and work with your attorney to implement the long-term strategy that is right for you.
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.
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