What Is Estate Planning? Key Documents Every Connecticut Family Should Know About
When most people hear the term estate planning, they think of the wealthy, or of complicated legal documents they’ll deal with “someday.” The truth is, estate planning isn’t just for the rich or retired — it’s for anyone who wants to protect their loved ones, their assets, and their future.
It can be a morbid topic of conversation for some people, but at its core, estate planning is about making sure your wishes are honored if something happens to you. That could mean who raises your children, who makes healthcare or financial decisions if you can’t, or how your assets are passed on. Without a plan, state law and the courts make those choices for you; often in ways you wouldn’t want.
A complete estate plan usually includes a combination of:
Will – Names who inherits your assets and who will care for your children.
Trusts – Flexible tools to manage and protect assets, avoid probate, and reduce taxes.
Power of Attorney – Lets someone you trust make financial or legal decisions if you can’t.
Healthcare Directives – Ensures your medical wishes are respected and removes guesswork for your family.
Business Succession Planning – For business owners, ensures your company and employees are protected if something happens to you.
Why does an estate plan matter?
Without a will or trust, your estate may go through probate, which can be expensive, time-consuming, and stressful for your family.
Without a healthcare directive, loved ones may face painful disagreements about your medical care.
Without a succession plan, your business and employees may face uncertainty, or even closure.
Estate planning makes you confident that your family won’t have to scramble in a crisis. It’s about protecting the business you worked so hard to build. And it’s about creating peace of mind today by putting a plan in place for tomorrow.
If you’ve been putting off your estate plan, you’re not alone. Nearly 2 out of 3 Americans don’t have one. But the best time to start is now.
At Osprey Legal, we help families and business owners in Glastonbury and across Connecticut make estate planning simple, clear, and stress-free.