Estate Planning

ESTATE PLANNING: PROTECTING YOUR ASSETS, CARING FOR YOUR FAMILY

Estate planning touches very personal aspects of your life — your finances and your family dynamics. When developing an estate plan, people come to Attorney Shettle because they feel comfortable discussing these personal matters with him.

Attorney Shettle takes the time to get to know his clients on a personal level. He wants to know your goals, your value system and how your family works. He then will create an estate plan that takes all of this information into account. The result is a highly tailored plan that reflects your goals and your family.

DO I NEED AN ESTATE PLAN?

Many people think only the very wealthy need estate plans. That is not the case. The truth is that everyone can benefit from an estate plan.

If you own property, have family heirlooms you want passed onto a specific person, have minor children or hold strong beliefs about your end-of-life care, a few simple estate planning documents can ensure that your final wishes are followed. Attorney Shettle can assist and oversee that your assets are distributed to your loved ones consistent with your wishes.

If you have a Will, but things have changed, you may need to meet with a lawyer to have your estate plan updated.

THE BASICS

An estate plan can take many forms and use numerous vehicles. However, the basic building blocks used in most estate plans include:

Wills: A will is a document laying forth your final wishes for your solely owned assets.
Trusts: Trusts take many forms. They are used to preserve assets and hold property for future generations. Placing property in trust can also help streamline the probate process and the transfer of assets. Many times, however, trusts are misused and overused.
Powers of attorney: This document allows you to name a trusted person to manage your finances and affairs if and when you are not able to do so on your own.
Health care proxies/directives: These documents ensure that you control who will be making health care decisions for you if you are unable to.
Living wills: These documents will state your end of life, life support wishes if you are not capable of communicating them at that time.

Many people think only the very wealthy need estate plans. That is not the case. The truth is that everyone can benefit from an estate plan.

If you have a Will, but things have changed, you may need to meet with a lawyer to have your estate plan updated.

LEARN MORE ABOUT THE BENEFITS OF AN ESTATE PLAN

If you are thinking about creating an estate plan or are wondering if it is time to update your Will, contact our office. Attorney Shettle will meet with you to discuss your situation and the benefits of estate planning. Call us today at 860-430-1200. From our office in Glastonbury, we provide estate planning services to individuals and families throughout central Connecticut.

ESTATE PLANNING TOPICS

EIGHT REASONS TO UPDATE YOUR ESTATE PLAN

An estate plan should accurately reflect your life — your family, your assets and your personal beliefs. Any time there is a meaningful change in your life, your estate plan may need to be changed.
Below are some of the most common reasons to update your estate plan.

1. A CHANGE IN MARITAL STATUS
If you get married or divorced, you will want to update your estate plan to include or exclude your new/former spouse.

2. A BIRTH OR DEATH
If a beneficiary — such as a child or grandchild — is born, adopted or passes away, an update may be necessary. In addition, if the person you named as fiduciary, power of attorney or trustee passes away, an update is needed.

3. A CHANGE IN FINANCIAL STATUS
If you've accumulated a lot of wealth through an inheritance or other means or if your wealth has declined, you should re-examine your estate plan to be sure it still makes sense and achieves your goals.

4. AGE
If your children were minors when your will was set up, but have since reached the age of 18, it's time to update your estate plan.

5. AN ILLNESS OR DISABILITY
If you, your spouse, one of your children or another beneficiary, or someone you named as a fiduciary has developed an illness or disability, your plan needs to be updated. A special-needs trust may be required to ensure that a disabled loved one is cared for, and new fiduciaries may need to be named.

6. A CHANGE IN RELATIONSHIPS
As time passes, relationships change. You may no longer have a close personal relationship with the person you named as personal representative, power of attorney or other fiduciary. If this is the case, it is time to update your estate plan.

7. A PURCHASE OR SALE OF A BUSINESS
If you've purchased a business, your estate plan should include succession planning documents. If you sold your business, your current estate plan may no longer be relevant.

8. A RECENT MOVE
Anytime you move to a new state, you should have a lawyer review your estate plan to ensure that it complies with local laws.

CONTACT GREGORY R. SHETTLE, LLC

If you've experienced any of the above or have had another major life change, contact Attorney Greg Shettle. He will sit down with you, discuss your situation, review your estate planning documents and make any necessary changes to ensure that your plan reflects your goals. Call 860-430-1200 to get started. Located in Glastonbury, we serve clients throughout central Connecticut.