People often use estate plans simply to designate how they are going to leave their assets to their children. Therefore, if you do not have any children, does that mean you do not need a plan?
You do a lot of financial planning in your life. You carefully consider every loan and every credit card. You put away money for retirement. You save up money for medical expenses. You consider every type of insurance you may need.
You get a copy of your parents' will in the mail, after they pass away, and you simply do not like it. Some of the provisions do not sit well with you. Maybe it instructs you and your siblings to sell the house and divide the profits, when you wanted to keep the house. Maybe it gives money to a sibling that you know will simply waste that money, or perhaps it does not leave you as much as you expected.
Connecticut law sets forth several requirements for a valid will. One of these states that the testator must be of sound mind. It can be difficult to arrive at a precise definition of the exact line that marks a lack of capacity.
As you do your estate planning, it is important to create a health care directive and a power of attorney. This can give your family members some guidance so that they know what to do if you cannot make your own decisions.
As part of your estate planning, you may need to pick out a legal guardian. If you pass away while the children are still minors, you know that someone will be there to take care of them. This person may also help transfer your estate to the kids as you designate. Young children have many financial needs, but this does not mean you want to leave all of your assets directly to a 10-year-old.