Signing Requirements – This form should be signed by the principal in the presence of two (2) witnesses and a notarial officer.An estate plan is a set of legal documents that spell out your healthcare decisions and how you want your assets managed and your estate to be handled if you become seriously ill or die.However, a living trust will avoid probate proceedings after the principal dies, meaning that the assets held by the trust can be transferred to the beneficiaries without delay or additional fees. Creating a living trust can be a relatively complicated process in comparison to the creation of a last will and testament. The principal can also appoint another individual to act as trustee and assume the responsibility of managing the assets until the principal’s death. During the principal’s lifetime, they can continue to manage the assets and benefit from their property. Revocable Living Trust – This document allows the principal to create an entity to which ownership of assets can be transferred. Signing Requirements – Required to be signed by the principal and two (2) witnesses.What this means is that the distribution of the principal’s estate may only occur after a potentially lengthy and costly court proceeding. The last will and testament will be subject to review in the probate court upon the principal’s death. Last Will and Testament (‘Will’) – A legally binding document that specifies the designated beneficiaries along with the assets each individual is entitled to receive. Depending on the individual’s preferences, they can use either or both of the following documents to communicate their preferences regarding the division of assets. One of the most important aspects to take into consideration when preparing one’s estate is the manner in which assets will be transferred following the individual’s death. Benefits From Governmental Programs or Civil or Military Service.Estates, Trusts, and Other Beneficial Interests.To provide legal verification that the document is valid, the principal should sign and acknowledge the signature in the presence of a notarial officer. Signing Requirements – Must be signed and dated by the principal in the presence of two (2) witnesses.Whoever is chosen to serve as the financial representative should be responsible, trustworthy, and fully capable of managing the principal’s finances.ĭurable (Financial) Power of Attorney – A legal document used by the principal to appoint their financial representative. The financial representative will be responsible for handling the principal’s real estate, banking, business operations, stocks, and other facets of the individual’s affairs. financial agent) to ensure that their finances are cared for in the event of a medical emergency resulting in incapacitation. The principal will need to appoint a financial representative (a.k.a. Before any documents are officially signed, the owner of the estate (the principal) should contact their attorney to be certain that the forms are adequately suited to serve their needs. This guide is designed to direct Connecticut residents through the steps of creating an estate plan.
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