When it comes to estate planning, there are a few things to keep in mind. First of all, everyone has an estate if they own anything or have any investments. Estates aren’t relegated to wealthy individuals or families, and neither is proper estate planning. Arrangements should be made so that if a person leaves behind a spouse, children or extended family members, a person’s assets can be easily disseminated after they pass away. In addition, estate planning can help make arrangements for a person if they become disabled and unable to handle their affairs before they pass away.
Many people confuse estate planning with creating a will. Creating a legally binding will is part of estate planning. However, it’s not the only thing a person should do. In order to understand the scope of estate planning, a person may want to hire an Estate Planning Attorney in South Windsor CT.
An estate planning attorney can do a number of things. The first thing they will do is get an assessment of a person’s estate. This is a comprehensive list of assets, which will include physical property, cash, insurance policies and retirement savings accounts.
To many, the most important things in planning a person’s estate are helping to minimize the tax burden that the people the decedent leaves behind may be faced with. In addition, either easing or eliminating the probate process will be another central goal of estate planning. Because the probate process is expensive, lengthy and it holds up assets being distributed to family members and friends, planning ahead for this makes a great deal of sense.
There’s far too much to talk about in one article to cover everything estate planning encompasses. That’s why consulting with an Estate Planning Attorney in South Windsor CT is a wise option. You and your attorney can go through every phase of estate planning to ensure that everything is in place as much as possible. If you’ve neglected estate planning, but you want to make sure that everything is as clear as possible if you should become disabled before you pass away or if you were to die, consulting with the attorneys at Kahan Kerensky and Capossela LLP makes the most amount of sense.