Connecticut residents who are getting ready to put together their estate plans are taking a big step toward securing their future and, usually, the future of their heirs and beneficiaries. Almost everyone has some amount of assets and, if they’re lucky, they have built the value of those assets over years or even decades. The old saying “you can’t take it with you” is always in the background when it comes to making an estate plan.
For most people, their direct heirs and beneficiaries are their children. As a recent article noted, there are many different estate planning documents that should be part of your plan. But, a will is the document that provides directions for the distribution of your assets after you die. A will is commonly referred to as the bedrock of any comprehensive estate plan.
However, there are other estate planning methods that could also be a consideration for you. Trusts, for example, can be useful for those who want to pass on their assets but who want to do so in a more structured, controlled way. As the recent article mentioned, a trust is a way to manage your assets – both during your life and, through the appointment of a trustee, making sure those assets are managed well after your death too.
Making choices
Estate planning is all about making the big decisions that will impact not only you, personally, for the rest of your life, but also the lives of your heirs and beneficiaries. Be sure to evaluate all available options when you are stepping into the world of estate planning.