When you live in Connecticut and have assets you’d like to pass on to the next generation when you die, understanding how they are transferred is essential. While you can choose to use a will or trust for this purpose, there are other direct methods you should be aware of when planning your future, including beneficiary designations. Using the probate process to distribute assets to beneficiaries The legal process for distributing your assets via a will after you pass away is known as probate. It’s court-supervised and authenticates your last will. The process involves valuing your assets and ..read more

There’s a wry saying, “Where there’s a will, there’s disgruntled relatives.” But in many cases, that is very true. You could find yourself in a situation where you are at sword’s point with your siblings over your deceased parent’s estate. This is particularly untenable because these incidents can cause generational rifts in the fabric of a family. Perhaps your parents helped your younger sister out substantially during their lifetime. They were there for her after her marriage failed and helped her purchase a home. When that home was in danger of being lost to a foreclosure and bankruptcy, th ..read more

When someone first meets with their estate planning attorney to discuss drafting a will, one of the first things the lawyer asks their client is to identify someone that they can trust to serve as their executor. Estate planning attorneys often encourage their clients to be honest about the responsibilities that they’ll be expected to take on as an executor. There’s a good reason that attorneys ask their clients to do this. An executor may expose themselves to legal liability if they don’t do what they’re supposed to. One of the more common mistakes that first-time executors make is neglecting ..read more

There are a lot of very good reasons to contest a family member’s will — particularly when you believe that the will doesn’t reflect what the deceased actually wanted. Nothing you’re about to read takes away from that fact. Just the same, you do need to step into this process carefully if you intend to take legal action. Here’s what you need to consider before you get started: 1. Time is of the essence, so you have to act quickly. You don’t have a lot of time to think about your options. Once the will has been probated and the assets dispersed, it could be impossible to get back your rightful ..read more

If you’re the executor of someone’s estate, you need to remember one key rule: Probate is a legal process. You’re bound to follow certain rules. If you don’t, you can end up in litigation that opens you up to personal liability. Here are the biggest mistakes you can make as someone’s executor: Trying to handle the estate all on your own. There’s a lengthy list of things that need to be managed following someone’s death. Executors for all but the simplest of estates usually need to get experts involved, like an attorney or a financial adviser — and that’s just for starters. Professional guidanc ..read more

When your best friend asked you to be the executor of their estate, you accepted immediately. How could you refuse? It’s an honor to make sure that your friend’s final wishes are obeyed, and the estate is handled properly. You were prepared for all of the paperwork. You knew it would be somewhat time-consuming to work through all of the steps involved with probate and managing the estate. You did not anticipate, however, the fact that your friend’s heirs (one or all of them) are so difficult. A difficult heir is one that pushes an executor to “skip steps” and pass out the inheritances before i ..read more

Estate planning is a positive for the family of a deceased person. Probate costs can add up in different ways. Working with an attorney to handle estate problems can cost time and money, with probate taking up to one year to complete in Greenwich, Connecticut. if a deceased person is survived by their spouse alone, the court will award their property to the surviving spouse. The probate court will make decisions about estate division based on state law and the wishes of the deceased when children are involved. Legal and financial experts have found ways to work around probate costs in Connecti ..read more

Transferring your assets to their rightful beneficiaries isn’t always as simple as writing a will. A successful transfer of wealth often calls for a strategy that takes time and research. Having an understanding of common asset transfer strategies in Connecticut will also help you. What is the financial literacy of your beneficiaries? Estate owners often make the mistake of overlooking the financial literacy of their inheritors. Imagine for a moment what it’s like for someone without financial skills to receive large sums of money. The financial literacy of your beneficiaries is a factor behin ..read more

It’s always a shock when a spouse dies unexpectedly. That shock can turn to outright dismay, however, if you find out that you weren’t even mentioned in your spouse’s will. Sometimes, this is done in an attempt to intentionally disinherit a spouse, particularly if their relationship is strained. More often, it happens in situations where the will was drafted prior to a second or third marriage. The will that was made prior to your marriage may, for example, leave everything to your adult stepchildren. Are you simply out of luck? Not at all. Under Connecticut’s laws, a surviving spouse enjoys w ..read more

If a loved one has recently passed away, in addition to grieving your loss you will likely have to be involved with settling their estate. In most cases, at least some of their estate will need to go through the process of probate. Probate is a court-supervised process. While it may sound confusing, it is simply the process of making sure that a person’s last wishes are executed and that all bills are paid. If your loved one left a will, this will be used in the probate process. Probate litigation is the process of challenging the will. You may strongly believe that your loved one was influenc ..read more