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Estate planning considerations

On Behalf of | Dec 7, 2022 | ELDER LAW - Estate Planning

When preparing your Connecticut estate plan, taking an inventory of all of your assets is a good place to start, as is notating how much debt exists. There are other steps in the process that are worth considering.

Estate plan elements

Determining which beneficiaries to leave the assets to is vital when drawing up a will. Naming beneficiaries to transfer on death accounts and insurance policies might be necessary. Those steps may require the planner to find out how many financial and credit accounts they have in their name.

Naming a qualified executor in the will could make probate move more smoothly and without avoidable delays. The testator might also consider naming someone as an agent through a power of attorney document. to handle financial and health care decisions in the event of incapacity.

Reviewing estate plans

Estate planning documents must be valid under state law. Sometimes, a person might download a generic last will and testament template and assume that the language is appropriate for the jurisdiction in which they reside. However, that might not be the case.

Moving to a new state may necessitate writing a new document even when someone has a valid will. So, estate planning could be a process that requires reviews and revisions at some point. Perhaps the testator wants to change the beneficiaries in the world or on any transfer on death accounts that are part of the estate plan.

Estate plans might require revisions or updates. This point also applies to other documents, such as a living will, a health care proxy, or a revocable trust. Some may decide to eliminate their will and establish a revocable or irrevocable trust instead.