When starting the process of estate planning it is sometimes important to talk to a lawyer. While many people prefer to save money by handling the entire process there some situations in which a lawyer should be consulted. These situations often involve minor children, individuals who have been married more than once, or large estates.
In the state of Connecticut a spouse is often the primary beneficiary when a will is not present. This can create difficulty for children who are too young to inherit or manage their own money, especially if they are the spouses step children. A lawyer can help plan for a trust and also help give advice for choosing a trustee. The trustee is the individual responsible for managing finances during the minority of a child.
Even if a spouse survives a separate trustee can be named in a will. A lawyer will be able to advise an individual regarding how much a trustee should be paid for managing the estate and how to create a will that designates a spouse as physical guardian while appointing a trustee for a child. This can be especially useful if a spouse is a stepparent to a minor child.
Some people believe that assets can be left to any beneficiary in a will without additional work being done. In reality there are some assets, which require special planning and additional steps. Often these assets are property, which requires a title to designate ownership.
A lawyer can help give advice on how to legally dispose of vehicles, houses, and other real estate. In many cases this requires actually filing a will with the court after it has been completed. This will ensure that all taxes are paid on property and to the state before an individual can inherit.
Most people choose to avoid lawyers in order to save money but in some situations going to a lawyer is the best way to save money. A lawyer can help advise clients how to dispose of assets without filing a will with the court or even preparing a will. Lawyers can provide up to date information on laws regarding holding property and assets jointly. In Connecticut individuals can hold property “tenancy in common” or assets “joint tenancy with survivorship” giving survivors control over property and finances even if a will is not present. You can request a consultation with an attorney in your area to find out how best to plan for your estate.