The simple will is the most commonly used estate planning document. However, people sometimes settle for a will when a trust would actually be a better choice. In this post, we are going to share some things you should know about drawing up a will in Connecticut. After that, we’ll look at an alternative asset transfer approach.
Drawing Up a Will in Connecticut: Basic Requirements
Any competent adult can create a will in our state. In addition to the facilitation of asset transfers, you can name a guardian for dependent children in a simple will.
You must sign your will in front of two witnesses. The witnesses must also sign the will in front you.
A Will Is Admitted to Probate
If you create a will, you name an executor to serve as the administrator. The executor would not be able to act independently immediately after your passing. They would admit the will to probate, and the court would provide supervision during the administration process.
An Employer Identification Number is a tax identification number that is used for an estate. The executor would obtain one of these numbers from the IRS. Creditors would be notified about the passing of the decedent, and the executor would pay all final debts.
During probate, the executor will identify and secure assets, and they will be prepared for distribution to the heirs. This can include appraisals and liquidation of property.
The court will examine the will to make sure that it has been executed and witnessed properly. When everything is in order to the court’s satisfaction, the estate will be closed. The executor will then distribute assets to the inheritors in accordance with the wishes of the testator.
All of this will take about eight months at minimum, and more complicated cases are stalled in probate for longer periods of time. No inheritances are distributed while the estate is being probated, so the beneficiaries are forced to play a waiting game.
A Will Can Be Contested
There are certain grounds that can be used to contest the validity of a simple will. As we have stated, the testator must be competent. A will that is executed by someone that is not of sound mind would be deemed invalid by the court.
Fraud is another ground for an estate challenge. This could be present if someone is tricked into signing a will under false pretenses. For example, they could be told that it is a different type of document, or they could be intentionally deceived with regard to the terms.
Undue influence is another reason someone could challenge a simple will. Finally, the will must be executed in accordance with the standards that we have explained, so improper execution is another ground for an estate challenge.
A Living Trust Can Be a Better Choice
The last piece of insight we will share here is the simple fact that a living trust can be a better choice than a simple will for a few reasons.
Probate is a time-consuming process as we have stated, and probate expenses reduce the value of your estate. It is a public proceeding, so anyone that is interested can access the records to get all the details.
If you use a living trust as the centerpiece of your estate plan, you will act as the trustee while you are living. After your passing, the trustee that you named to succeed you would distribute assets to the beneficiaries outside of probate.
You can include a spendthrift provision that would protect the principal from the beneficiaries’ creditors. Plus, you could instruct the trustee to distribute assets incrementally over an extended period of time.
We Are Here to Help!
Today is the day for action if you are going through life without a professionally prepared estate plan. You can schedule a consultation appointment at our Westport or Glastonbury, CT estate planning offices if you call us at 860-548-1000.
We also have a contact form on this site you can use if you would rather send us a message.
