Introduction
1. Legal Documents Used in Estate Planning
Estate planning in Connecticut typically involves these key documents:
- Last Will and Testament: Outlines how your assets will be distributed and appoints guardians for minor children.
- Trusts: Helps manage assets, avoid probate, and provide for beneficiaries.
- Durable Power of Attorney: Assigns someone to make financial or legal decisions on your behalf if incapacitated.
- Healthcare Directives: Specifies medical care preferences and appoints a healthcare proxy.
- Connecticut-Specific Documents: Includes statutory forms like the Living Will Declaration.
2. Remote Online Notarization (RON)
Connecticut permits Remote Online Notarization (RON) for certain estate planning documents. To use RON:
- Documents must comply with state regulations.
- A licensed notary and signer must use secure video conferencing technology.
- Digital records are securely stored to ensure legality.
3. Guardianship Assignment
Connecticut laws allow you to designate guardians for minor children or incapacitated dependents:
- Guardians must be named in a will or separate legal document.
- The court will review and approve the guardian to ensure the best interests of the child or individual.
- Consider naming backup guardians to account for unforeseen circumstances.
4. Inheritance for Foreigners
Non-residents and foreigners can inherit assets in Connecticut:
- No specific restrictions prevent foreign nationals from inheriting property.
- Federal estate taxes may apply depending on the value of the estate and the inheritor’s residency status.
5. Probate Rules and Costs
Connecticut’s probate process involves the following steps:
- Filing the will with the Probate Court.
- Appointing an executor to manage the estate.
- Distributing assets to beneficiaries and resolving debts.
Costs: Probate fees in Connecticut vary based on the estate’s value but average 3-5% of the estate. Smaller estates may qualify for simplified probate, reducing costs and time.
6. Legal and Professional Costs
Estate planning costs in Connecticut:
- Attorney Fees: Drafting a will or trust typically costs $1,200-$5,000, depending on complexity.
- Notary Fees: Traditional notarization costs $5-$15 per document, while RON services may range from $25-$50.
7. Unique State Laws
Connecticut has distinct estate planning laws:
- State estate tax applies to estates over $9.1 million (as of 2024).
- Homestead exemptions protect primary residences from certain creditors.
8. Introduction to Ethical Wills
An ethical will is a non-binding document to share values and life lessons with loved ones. Using the Wills App, you can:
- Record video messages for your family.
- Write letters expressing your hopes and beliefs.
9. The Wills App for Estate Planning Automation
The Wills App simplifies estate planning with features like:
- Vault Storage: Securely store essential documents.
- Automated Distribution: Specify recipients and set triggers for asset transfer.
- Wellness Checks: Confirm status before executing plans.
- Cross-Border Functionality: Manage estates seamlessly across jurisdictions.
10. Practical Storage Advice
Securely store physical copies of estate documents:
- Use a fireproof safe or deposit box for physical copies.
- Share access details with a trusted individual.
- Back up digitally with the Wills App for added security.
Call to Action
Start your estate planning journey today with the Wills App. Visit Wills.com to download the app and secure your legacy with ease.
