In one of our previous blog posts we discussed how having a Will protects your wishes for your children. A Will allows you to:Last Will

(1) specify who you would like to be appointed as their guardian; and

(2) create a customized trust for your children (so that the money does not have to be paid out in its entirety at age 18 – which often results in a broke 19 year old….).

While they can be, the guardian and the Trustee ( the person in charge of managing the trust), do NOT have to be the same person. These are distinct roles.

Another huge benefit of making a Will is getting to choose who you would like to handle your estate. In Connecticut, this role is referred to as your “Executor”. An Executor is the person you trust to carry out your wishes in accordance with the terms of your Will. Your Executor will be responsible for paying your debts and taxes, applying to the Court for Probate, and distributing your estate. Accordingly, appointing someone who you trust to use sound judgment is extremely important.

Your Executor does NOT have to be the same person as your Trustee.

Role 1: Executor:

Your Executor is the person you appoint to carry out your wishes and handle your estate. This process typically takes 9 months to 1 year but can take up to 3 years or longer in the event of litigation.

Estate Planning Glastonbury LawyersRole 2: Guardian of Minor Children:

In your Will, you can make a decision about who you would like the Court to appoint as a guardian for your minor child at your death if the child has no other guardian or the other guardian is incompetent. The Court must confirm the appointment. Other people, not selected by you, could make an application for guardianship, but the Court will consider the Will a formal statement of your wishes and account for the best interests of the child, so having this appointment in your Will is critical.

More next time…..

Disclaimer: The information provided in this blog post is for general purposes only and must not be considered legal advice. For specific legal advice, please consult an attorney directly.

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