Our Estate Planning FAQ answers the most common questions families ask when preparing their future. With over 50 years of experience in Wallingford, CT, Farrell & Grochowski makes estate planning simple, clear, and stress-free.
Below, we’ve answered some of the most frequently asked estate planning questions to help you take the first step toward peace of mind.
Estate planning is the process of preparing how your assets will be managed during your life and distributed after your death. A solid plan ensures your wishes are honored and helps minimize taxes and legal complications for your family.
Yes. A will is a legal document that states how your assets should be distributed after your death. Without one, Connecticut law decides how your estate is divided, which may not reflect your wishes.Learn more here
A will is just one part of an estate plan. A full estate plan may also include a trust, durable power of attorney, healthcare directives, and beneficiary designations. This comprehensive approach ensures your affairs are managed according to your wishes. Learn more here
A living trust is a legal entity that holds your assets during your lifetime and outlines how they should be distributed after your death. One key benefit is that it can help your family avoid probate and maintain privacy.
Yes. A pour-over will makes sure that any assets not already in your trust are transferred to it after your death.
Probate is the legal process where a deceased person’s will is validated and their estate is administered. It can be costly and time-consuming, which is why many people use strategies to minimize or avoid it. Learn more about probate
Common strategies include:
A durable power of attorney allows you to appoint someone you trust to handle your financial affairs if you become incapacitated. Learn more about power of attorney
A healthcare directive – also known as a living will – outlines your medical treatment preferences if you can’t communicate them yourself. It can also play a role if you need to qualify for Medicaid.
Choose someone you trust to responsibly manage your estate. This could be a family member, a close friend, or even a professional fiduciary.
Yes. You can update your will at any time by creating a codicil (amendment) or by revoking it and writing a new one.
If you die without a will, Connecticut’s laws decide how to divide your assets. In many cases, the state’s decision doesn’t match what you want. Learn more here
Yes. Even if you don’t have significant wealth, creating an estate plan ensures people respect your wishes and care for your loved ones.
Review your estate plan after major life events such as:
A pour-over will ensures you transfer any assets not already in your living trust into the trust after your death.
Yes. When you create an estate plan, include your digital assets such as online accounts, digital files, and cryptocurrencies. What happens to digital assets after death
Once you establish an irrevocable trust, you cannot change or revoke it. This type of trust gives you tax advantages and shields your assets from creditors.
When you create a proper estate plan, you actively reduce estate and inheritance taxes. By planning ahead, you ensure your beneficiaries receive more of your assets. Learn what happens if you outlive your estate plan.
A special needs trust lets you provide financial support for a loved one with disabilities while protecting their access to government benefits.
The first step is to speak with an experienced attorney. Contact Farrell & Grochowski in Wallingford, CT to schedule a consultation. We’ll guide you through the process and create a plan tailored to your needs.