Estate Planning 101: Why Everyone Needs an Estate Plan isn’t just a topic for the wealthy, it’s something every adult should seriously consider. Regardless of your financial situation, having a will, a power of attorney, and a health care agent designation is essential. These legal tools ensure your assets are distributed according to your wishes and give your loved ones clear direction during difficult times.
In this guide, we’ll explore why having a complete estate plan matters, explain what happens if you don’t leave one, and outline how wills and trusts work together to protect your legacy.
What Is a Will and Why Do You Need One?
A will is a legally binding document that specifies how you want your assets to be distributed after your death. It allows you to:
- Designate beneficiaries for your property and possessions
- Appoint an executor to carry out your instructions
- Name a guardian for your minor children, if necessary
Without a will, your estate will be divided according to your state’s intestacy laws, which may not match your wishes. Taking the time to prepare a will ensures your intentions are honored and your family avoids unnecessary stress and legal delays.
What Happens If You Die Without a Will? (Intestate)
If you pass away without a will, the law determines who inherits your assets, often starting with your closest blood relatives. This process, known as intestate succession, can:
- Exclude non-married partners, close friends, or charities you may have wanted to benefit
- Create disputes among surviving family members
- Delay the distribution of assets due to court involvement
For example, if you live in Connecticut and die without a will, your estate will follow a set legal formula for distribution, regardless of your personal preferences. This is why one of the core lessons of Estate Planning 101: Why Everyone Needs an Estate Plan, is that even a basic will can save your loved ones time, money, and conflict.
Learn more about protecting your loved ones in a blended family setting
Do You Need a Trust as Well as a Will?
When it comes to Estate Planning 101: Why Everyone Needs an Estate Plan, trusts are often misunderstood. Not everyone needs one, but in certain cases, a trust can add significant value.
Types of trusts include:
- Revocable Trusts – Can streamline probate and simplify asset division, especially for blended families
- Irrevocable Trusts – Offer potential asset protection, particularly for long-term care needs
- Special Needs Trusts – Provide for a disabled loved one without affecting their eligibility for government benefits
- Pooled Trusts – Help individuals qualify for state-assisted home care
Because every situation is unique, it’s best to consult an experienced estate planning attorney to determine whether a trust complements your will or if a will alone will meet your goals.
When Should You Create Your Estate Plan?
Estate planning isn’t something to put off until retirement. Life is unpredictable, and none of us knows when illness, injury, or unexpected events may occur. The right time to start is now.
At Farrell & Grochowski, our attorneys bring over 55 years of combined experience in guiding clients through wills, trusts, and other estate planning tools. We make sure your plan is legally sound, customized to your needs, and designed to protect both your legacy and your loved ones.
Secure Your Legacy Today
No matter your age or net worth, Why Everyone Needs an Estate Plan is about taking responsibility for your future and your family’s security. Don’t let state laws decide your legacy. Make those decisions yourself. Contact Farrell & Grochowski today to schedule a consultation and take the first step toward safeguarding your wishes.
