In Connecticut, an estate owner follows the planning process to prevent financial losses for their family. The planning process presents the owner with asset protection. These strategies enable them to transfer funds and property to lower the chances of possible losses. The following are the services that are available through Probate Lawyers in Manchester CT.
Creating a Will
The creation o a will provides the estate owner with enforcement of their last wishes. They detail how their property and assets are to be distributed throughout their family. The estate owner can also provide certain provisions to protect their assets. These provisions equate to conditions that could change property assignments. They can also set up a separate account to settle any outstanding balances that could lead to a decrease in the estate’s value.
Setting Up Trust Funds
A trust fund is designed to provide monetary assets to a family member. The funds are often awarded to the family member to cover the cost of college tuition or provide financial support. If a minor is orphaned, the trust fund can provide adequate financial support. In these circumstances, a guardian is also assigned. When this is the case, the estate owner can set up provisions for how the monetary assets are used.
Creating an Irrevocable Trust
An irrevocable trust is used to transfer certain assets out of the estate. Once they are transferred, the trust becomes the lawful owner. The estate owner retains control over these assets and the trust. They appoint a new owner when the trust is set up. The new owner takes possession of the trust and these assets when the estate owner dies.
Health Care Plans and Proxies
Health care plans are set up to ensure that the estate owner retains control over their health care decisions. They identify a health care proxy to make decisions if they become incapacitated.
In Connecticut, an estate owner utilizes the planning process to protect their assets. These practices help them to create a will and set up new ownership for their property. Estate owners who need the help of Probate Lawyers in Manchester CT contact Kahan Kerensky and Capossela LLP today.