For people who are extremely wealthy, estate planning is much different than for the average person. However, if a person is led to believe that simply because they don’t have a lot of money they don’t need to do proper estate planning, they are misinformed. Estate planning is imperative for anyone leaving behind any sort of possessions or debt. That’s why, regardless of a person’s financial station in life, it’s always good to at least consult an Estate Planning Attorney in Manchester CT.
For people that are wealthy, estate planning is a little bit different. With the establishment of various types of trusts, an estate that has a significant value can avoid the probate process. The probate process is where an estate is valued, and any debts the estate holds are calculated and paid. Only after this process is complete are the remaining assets distributed pursuant to a person’s will.
One of the reasons wealthy individuals try to avoid the probate process is because it’s expensive and lengthy. It’s estimated that, in legal fees alone, probate costs the American people over $2 billion each year. So it’s little wonder why wealthy individuals try to avoid this process as best as possible. To do this, they will likely need to work very closely with an Estate Planning Attorney in Manchester CT.
For people who don’t have the financial wherewithal to avoid probate, there are ways an estate planning attorney can make the system a bit easier to deal with. In many cases, it’s all about who will act as the executor of a person’s will. Typically, a spouse or family member will do this. This can be difficult because the probate process is long and complicated.
That’s why estate planning typically includes a designated legal representative. The legal representation is established by the estate to either assist the executor in the process or be the executor. This can spare the grieving family and loved ones the difficult task of being an executor of a person’s estate.
There are many questions people have about this, which is why speaking with an attorney at Kahan Kerensky and Capossela LLP makes the most amount of sense. You can ask your questions, they can answer them, and they can help you begin the initial stages of proper and responsible estate planning.