Did you know that when you create a Connecticut estate plan you are protecting not only yourself, but also everything you love. Know that when you create an estate plan, you are creating lifetime documents. Some of these documents will give you the legal authority to choose a trusted person in order to give them the ability to make your decisions should you become incapacitated and be unable to make decisions during your lifetime. Lifetime protection, however, is only one part.
Many of our clients want to not only create an estate plan but they also want to create and protect their legacy as well. They want to decide now what to do with their hard earned assets at the time of their passing. Through their Connecticut estate plan they want to create a legacy that will provide for their intended beneficiaries not just in the present, but also in the years to come. Our clients let us know, in almost every meeting we have, just how important solidifying the future for their loved ones is.
However, what happens when the plans you have worked hard to create are not well received? What happens if your thoughtful design for your legacy comes under attack because third parties, such as creditors, business partners, relatives, and even your own children, do not agree with what you intended? How do you prevent your careful planning from coming under attack and potentially being undone? Are there steps you should take early in your estate planning to avoid potential estate litigation in the future?
To answer the last question above, yes. We know and deeply understand the concerns our clients have in protecting their estate from litigation. Let us share with you some important points to consider now to limit the chance an estate litigation will arise, and ultimately be successful.
1. Start planning now. Too often we have a tendency to put off estate planning. Our lives are busy and taking the time to not only meet with an experienced Connecticut estate planning attorney to create the right plan for us, but just thinking about what we want to create with our legacy is daunting. In addition, adding any nitty-gritty details that are important can at times seem like an overwhelming task. But, it is vital to not procrastinate.
2. Clarify your legacy. Write down your goals for your lifetime, as well as at the time of your passing. What matters to you now? How do you want to be remembered? By starting this now you can see what you do and do not want. If you are unsure how to begin, then wait until you meet with your Connecticut estate planning attorney. Your attorney, with his years of experience, can provide key guidance to help you achieve what you want to do with your legacy.
3. Identify, now, any potential complications. Do you have a person or persons in your life that you do not want to inherit from you? Are there business partners or employees who do not want to be included if you are no longer here? If you have a business, do you want it to continue without you? Can it be sold? Is there anyone in your life, including an adult child, who you absolutely do not want to be making your decisions at the time of your incapacity or death? Taking the time to identify potential complications early and sharing them with your Connecticut estate planning attorney will be critical to avoid any potential litigation later.
4. Should trust planning be a part of your estate plan? Were you aware that a last will and testament does not avoid the probate process? Instead, the last will and testament ensures that a probate may be needed. You need to know that probate is a public proceeding and can give a forum for a challenge to your estate plan. With most trust planning, however, the probate process can be avoided, and your trust administration process can be kept private.
5. We highly recommend that you hire not only an experienced Connecticut estate planning attorney but also a Connecticut law firm with litigation experience. There is absolutely no substitute for experience in this area. Your estate planning attorney, with years of experience and training, will be able to help you navigate these challenges both while you are creating your estate plan as well as being available for your decision makers in the event of your incapacity or death. When the firm also has attorneys who are skilled in litigation, you have a strong defense against any potential issues in your estate plan. It is crucial that you discuss any and all concerns you have related to potential conflict at the time of your passing with your attorney early so that you can receive guidance on what the best course of action is.
We know this blog may raise more questions than answers. We want you not to wait to learn more about this critical issue facing all of us, but most importantly Connecticut seniors. Remember, being prepared is the best defense you can have in place. The Northeast Law Center practices law in many Connecticut counties including Hartford, New London, Tolland and Windham. We encourage you to contact us and schedule a meeting.