Over the past year, the media has become fixated on the fact that millennials and Generation X will soon inherit trillions of dollars from the baby boomer generation. What many of these articles fail to cover is that baby boomers themselves are still inheriting from the generation that preceded them. Regardless of the age, many people in Connecticut feel an emotional attachment to the property they inherit, especially when it comes from parents or a spouse.
When families in Connecticut lose someone they love, they may also find their time of mourning interrupted by financial necessities regarding their loved one’s estate. Family members may also fight over items of monetary or sentimental value. To make matters worse, the family may have no idea how much the deceased left behind in assets and debts.
An estate plan ensures your family is cared for after you're gone. However, estate plans can also be the source of stress between heirs when one perceives he or she has been slighted or not received a fair share of the estate. While you can't always prevent your heirs from fighting, AARP recommends the following steps so you can mitigate as much stress as possible.
Writing a will is just one of several factors of coordinating a complete estate plan. For many people in Connecticut, it is also one of the most important. This critical document allows people to make designations for the responsibility of dependents, as well as provide clarifications for important desires they may have when they pass away.