Last Will & Testament
In a will you designate who will benefit from your property after your death, either by leaving your property to those beneficiaries outright or by leaving it to a trustee to manage and protect for the use and benefit of your beneficiaries. You name your executor in your will. Your executor is the person who will handle your estate after your death and distribute your assets according to your wishes. You may name a guardian for your minor children to handle their affairs until they reach the age of majority. Finally, you may name a trustee of a testamentary trust to manage and protect your assets for the benefit of your beneficiaries. For large estates it is necessary to include trust provisions which take advantage of the unified credit and marital deduction in order to minimize or eliminate federal and Connecticut estate tax.
Depending on the size of your estate and the complexity of your particular situation, a will might be short and simple or it may contain sophisticated estate planning provisions and testamentary trusts to avoid or minimize estate tax and protect your beneficiaries.
Finally, if you have minor children it is essential that you name a guardian of the person and guardian of the estate of your minor children in order that your minor children will be raised and protected by persons you select.