Last Will & Testament
A last will and testament is the single most important document for the protection of the financial health and well being of your family. It is essential that every adult execute a last will and testament prepared by an experienced estate planning attorney in accordance with the specific instructions and needs of the client and his or her family. In your will you designate who will benefit from your property after your death and the timing of that benefit, either by leaving your property to those beneficiaries outright or by leaving it to a trustee to manage and protect t for the use and benefit of your beneficiaries.
The proper implementation of your estate plan depends on your choice of your executor, the person who takes action to make your estate plan a reality. Your executor is the person who you designate in your will to handle your estate after your death and distribute your assets according to your wishes. Your choice of executor is a pivotal decision and must be a person of integrity and competence and, most importantly, someone you trust. Most people choose to name their spouse or other close relative as executor since they are the most trusted people in their lives and tend to charge less, or even nothing, as an executors fee.
If you have minor children you should name guardians for your minor children to handle their affairs until they reach the age of majority. In Connecticut you may name a person as guardian of the estate of your minor children and a guardian of the estate of your minor children. The most important of these is the guardian of the person since this guardian who will have custody of your children and raise them. This guardian decides how the minor will be raised and educated as well as other decisions in the best interest of the child. The guardian of the estate is less important since that guardian handles the property of the minor child which is usually not significant in amount. This is due to the fact that a well designed estate plan will utilize testamentary trusts to manage assets held for the benefit of a young person.