Hold Your Property in a Way to Achieve Your Estate Planning Goals

Vincent Averaimo • April 5, 2018

How you own property can have an effect on whether or not you can achieve your estate planning goals

When we meet with clients to begin estate planning, we want to know about how their property is owned. Most people may not realize that how you own property can have an effect on whether or not you can achieve your estate planning goals. For example, if you own a property in survivorship with someone else, such as a spouse, then on your death it will automatically vest and would not need to be included as part of an estate plan. The same goes for bank accounts or a product like a life insurance policy where you need to designate a beneficiary.

The point is that your will is not the only tool available to help you achieve all of your estate planning goals. The will is a big tool in the toolbox, but there are many different ways to achieve your goals. A hybrid approach of designating beneficiaries in your will in addition to naming certain beneficiaries on assets like IRAs, 401Ks, life insurance policies, or other assets could better help you achieve your estate goals. The key, as always, is having the right team of professionals in place to really help you understand your goals so that they can be achieved through the estate plan.

Another tool to be utilized is what is known as a letter of last instruction. Essentially this is a personal letter or a love letter to your family members that's placed within your important documents or with your last will and testament. While it does not have any specific legal significance it can be effective in helping to organize matters upon your death. Typically it will provide important info for your loved ones like the location of your personal documents, financial papers, and your accounts, as well as provide the names and contact info for family, personal friends, financial and legal professionals who need to be notified upon your death. A description of your general intent and preferences for your funeral and burial can also be included. Depending upon how specific you would like to make this letter of last instruction, it may or may not be appropriate to actually include it within your last will and testament.

At the end of the day, it's all about thinking about what you want to have happen, knowing who you want your beneficiaries to be, knowing what you'd like to see happen upon your death and having a very truthful conversation with yourself on what the next five to ten years of your life may look like.

Watch the full Estate Planning Seminar - Part 1:

< Older Post Newer Post >

Mail

Milford Law Articles

ARE YOU TAKING ADVANTAGE OF LOW INTEREST RATES?

By Vincent Averaimo • December 29, 2020

Are you refinancing your property or buying a new property due to these all-time low interest rates? If so, Milford Law can help. We have been handling real estate closings and refinances for over thirty years. Recently, we have changed our procedures to allow closing to take place as safely as possible considering the COVID 19 restrictions and precautions.

Trees, Your Property, and Your Neighbors

By Vincent Averaimo • November 5, 2020

Under Connecticut case law, if a tree is growing on one person’s land but its branches or roots encroach on a neighbor’s land, the neighbor, within certain limitations can cut off the branches or roots up to the line of his or her land. Generally, a good rule of thumb is to be sure you speak with your neighbor about cutting back or even trimming a tree before it is done. The conversation is much more uncomfortable with a neighbor if it is later determined that the tree should have never been cut in the first place.

What is a Responsible Party?

By Vincent Averaimo • September 17, 2020

Part 4 in Our Series: Are Your Affairs in Order?

What is a Conservator?

By Vincent Averaimo • August 20, 2020

A conservatorship, where one serves as a Conservator of the person and Conservator of the estate, can deal with medical decisions, life decisions, but also financial decisions, decisions on debts, decisions on assets, things of that nature.

What is a Health Care Agent?

By Vincent Averaimo • July 27, 2020

The Health Care Agent form is basically a document, very much like a power of attorney, that states that if you can't make a healthcare decision on your own, the designated Health Care Agent will make that decision for you. Ideally, this person that you’re appointing is the person who knows you very well, and is closest to you, whether a family member or a friend. This is someone that you feel comfortable with so that if you can't express your wishes in writing, they know you well enough to know what your wishes would be and would have the ability and the respect to make those wishes on your behalf if you can't do so.

The Living Will: Part one in our new series

Do You Have a Living Will?

By Vincent Averaimo • July 6, 2020

A Living Will is a document that's put together during your lifetime that is utilized during your lifetime. It has legal effect during your lifetime, but it's something that, quite frankly, is not acknowledged often enough because people are more focused on a Last Will and Testament and where their assets are going. They often overlook how they're going to manage their assets and life decisions while they're still alive.

Estate Planning is Planning for Life as Much as it is Planning for Death

By Vincent Averaimo • February 13, 2020

Do you have the right documents in place if you were to get sick, have a medical procedure or a prolonged emergency? Would you be able to manage your business, manager your finances or your health decisions?

Harassing Calls On Your Cell Phone?

By Vincent Averaimo • January 30, 2020

Are you getting automated phone calls on your cell phone? Do you answer your cell phone only to hear a pre-recorded message on the other end? Even worse, are debt collectors calling your cell phone via automated dialer or “robo call”, leaving messages or continuing to do so even when you asked them not to? Do you have any rights? You do! In 1991 Congress enacted the Telephone Consumer Protection Act (47 U.S.C. 227). This act is meant to help consumers who receive unsolicited telemarketing calls, , unsolicited faxes, pre-recorded and/or automated calls to their cell phones or landlines. They can be solicitations or debt collection calls. The law is violated each time there is a call placed. If you are getting these types of calls and want them to stop what should you do? If you fall victim to these types of tactics you should (1) document evidenced by saving all harassing solicitations or debt collection phone calls, (2) obtain and save all phone records and highlight incoming calls from debt collectors or telemarketers, (3) make a written record of the calls you are receiving, specifically recording the date of the call, time of the call, caller’s identity and a summary of any conversation held with the caller, (4) save voice mail messages and (5) revoke your consent to receive calls in writing and keep a copy of the letter doing so (revocation of consent can be done verbally during the violating call). Finally, don’t forget to call Attorney Vincent J. Averaimo at Milford Law. Milford Law represents consumers against unfair trade and credit practices involving faulty and dangerous goods or dishonest claims or tactics, unfair collection practices or failures to honor warranties in both State and Federal Courts.

Navigating the First Year of College (for Parents)

By Vincent Averaimo • September 5, 2019

Milford Law has developed a college information package of documents that will give you all the necessary legal authority to assist your child in whatever manner necessary despite being over 18 years of age. Whether you are trying to find out the balance owed on your child’s tuition, deadlines for financial aid applications for the following year or whether the proper credits were applied to your child’s account, these documents will afford you that legal authority.

WTNH - Stretch Your Dollar: Investing in security cameras on your property

By Vincent Averaimo • May 30, 2019

Do you have or have you considered putting a security camera on your property? While this is a great safety tool, you need to be careful of how you use this technology so you don't set yourself up for legal troubles.If you're not careful with how you set up and use this technology, you could be recording much more than you realize.