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Greenwich Connecticut Estate Planning Law Blog

Powers of attorney put powers in the right hands

Death is never a good topic, but planning for it can do our families and friends a lot of favors. The right last will and testament can make it much easier for your successors to make sense of your intentions and execute your wishes after you are gone or if you cannot communicate them.

One part of this puzzle may also involve the consideration of powers of attorney. A person given durable power of attorney can serve many important needs for people as they age. This can help manage future health problems and possible disagreements of family members.

When is it time to go to probate court?

When it is time to deal with the loss of a loved one, the last thing you want is to be confused by his or her last wishes. Last wills and testaments, as well as trusts and other legal structures, can be hard to understand and it is easy to disagree with friends and family about them.

Probate courts are there to help residents of Connecticut deal with these complicated issues and serve the needs of all citizens. Whether a person is looking to execute a will or secure their own assets' future, probate judges and your own lawyer are there to help.

Don't count on your children taking over the family business

When you have a successful family business that has been around for decades, perhaps even generations, you likely think it will continue to go that way once you retire or pass on. You are not alone in your belief. According to Business Law Today, 69 percent of family business owners assume children will take over the company.

However, the only way to ensure the continued success and family ownership of your business is through a thorough and valid succession plan, which only 23 percent of businesses have. Do not put your hard work and assets at risk based on familial expectations. Create a solid plan with a business law attorney to make the transition smooth and avoid family battles.

Probate courts raise concerns about abuse by conservators

A person is thinking of his or her family or community after he or she is ffffffffffffffffffffffffgone. The possibility of mental decline makes it necessary to plan for the future of assets. A relative intended to leave someone a bequest. These are all good reasons for Connecticutians to visit a probate court.

The probate court system is there for people to access the justice system as easily as possible. One of the main functions of a probate court is to assign and confirm a legal guardian of a person who cannot manage their own personal affairs. Similarly, courts can also appoint a conservator to tend to a person's financial affairs when he or she cannot do so.

Estate planning helps with assets of all values

Estate planning is important for members of families especially and members of society in general. We have the right to choose who receives any assets and benefits we leave behind after life, whether it is an enormous fortune or a small nest egg for your progeny or charity.

However, more than half of adult Americans have no will or concrete plan for their estates. This is of special concern in Connecticut and other states that have laws mandating how assets will be distributed by a probate court.

Legal changes and court rulings can affect probate litigation

Connecticut's probate courts exist to allow ordinary citizens to access the essential functions of the law as easily as possible. The law, however, can hold complications of all kinds no matter what the process or goal of a case or hearing.

Estate law and other functions of a probate court also change on occasion. This can be due to updates in Connecticut state law in the government in Hartford or through judges ruling on cases and setting precedents. Attorneys must stay apprised of these changes, and legal representation is often recommended for parties to probate hearings and rulings.

Conservatorships help people and families through hard times

There may come a time towards the end of a full life when a person is unable to manage his or her own personal and business affairs. It is a subject few people wish to address, but those who have significant assets and goals for them that may extend beyond their lifetimes should take steps to accomplish them.

One way to ensure the quality administration of a person's assets or necessities is to appoint a conservator. This is a person legally appointed by a Connecticut probate court to oversee the aspects of life that a person cannot manage due to advanced age or mental disability.

How to reap the rewards of avoiding probate

As you prepare your estate plan, you may place a lot of attention on your will. However, this is only one document of many, and might not even be the most effective one depending on the situation. Wills involve probate, which can have its difficulties.

So, you might want to consider the potential benefits of using other estate planning tools to avoid the probate process.

What estate taxes are due in Connecticut?

Wealth management is often a complicated subject full of positive and negative risks. It takes patience and skill to successfully build a fortune and keep it, while it takes additional help in many cases to properly transfer assets when a great and productive life comes to a close.

Estate planning has more aspects that require attention for larger estates, as bequests are taxed on a sliding scale just like other income. It is often a good idea to retain legal representation for estate planning in order to ensure all these aspects are handled.

Probate courts serve the basic legal needs of Connecticutians

Many people are concerned about the security and future of someone in their lives who may not be able to manage his or her own affairs. Connecticut has thousands of families with members who must be specially designated by law as another person's charge.

This could be a child or an elderly person with limitations, who are often not expected to manage finances or home maintenance. People with mental disabilities may have or develop a lack of ability to manage these things. Probate courts are there to help friends and families take responsibility for these people.

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