Especially when they become young parents it is common for people to ask, “Do I need a Will?“.
First, you need to understand what happens if you die without a will. If you die without a will, it is called dying intestate. In that case, Connecticut Intestacy statutes take over, which comprise parts of §45a in the Connecticut General Statutes. These Statutes are long and complicated and depending on factors such as marriage status and number of children, the State regulates how your property is distributed. If you have no family and no will, your property escheats, or goes directly to the State of Connecticut.
Having a will lets you control your legacy. For young parents, it is a great way for them to outline a support structure, and even custody arrangements, for their children. For older adults, it is the right way to dispose of a lifetime of property and provide for their loved ones. For those without family, it allows for you to provide for foundations are charities you deem to be deserving. In a will, you can:
- Stipulate who gets what amount of money
- Create trusts for the long term support of family members
- Give personal property to friends and family
- Provide funding to charities and foundations
- Set up care procedures for beloved pets
- Provide for creation of foundations and scholarships
- Cut people out
While there are some regulations that limit what you can do in your will, the possibilities for disposing of your personal property are plentiful.