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When Will My Heirs Receive Their Inheritances in Connecticut

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There are certain tasks that must be completed after you pass away to bring your final wishes to fruition. Learn more about inheritances in Connecticut in this presentation.

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When Will My Heirs Receive Their Inheritances in Connecticut

  1. 1. WHEN WILL MY HEIRS RECEIVE THEIR INHERITANCES IN CONNECTICUT?
  2. 2. ‘rev T’_T’ Nirenstein, M Horoyvitz . . J . _‘<: :;AssocIates PC. An Estate Planning Law Firm Making a Difference One Family at a Time I V lifiii Ac V. i iji in mi t: i“”§‘:17iIii <‘ L1 _, 1- V T - -
  3. 3. H| renSt. $m' An Estate Planning Law Firm Making a Difference One Family at a Time There are certain tasks that must be completed after you pass away to bring your final wishes to fruition
  4. 4. Hlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time This is the process of estate administration
  5. 5. ‘réu T’_T’ Nirenstein, N Horoyvitz . . _l . _‘<: :;AssocIates PC. An Estate Planning Law Firm Making a Difference One Family at a Time
  6. 6. mlrenstgm’ An Estate Planning Law Firm Making a Difference One Family at a Time If you use a last will as your asset transfer vehicle, you can nominate an executor
  7. 7. mlrenstgm’ An Estate Planning Law Firm Making a Difference One Family at a Time This is the person that would handle the estate administration tasks after you are gone
  8. 8. mlrenSt. $m' An Estate Planning Law Firm Making a Difference One Family at a Time The executor would be required to admit the will to probate after your passing
  9. 9. mlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time This is a legal process. The probate court would supervise the administration of the estate
  10. 10. ‘T T’_T’ Nirenstein, I l“ Horowitz . . . . _«: :.Associates PC. An Estate Planning Law Firm Making a Difference One Family at a Time
  11. 11. Hlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time Probate is a time-consuming process. In most areas, a simple case can be probated in around eight months to a year
  12. 12. Hlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time Complicated cases can take considerably longer
  13. 13. mlrenstgm’ An Estate Planning Law Firm Making a Difference One Family at a Time The heirs to an estate cannot receive inheritances while the probate process is underway
  14. 14. TH: T’_T’ Nirenstein, N Horowitz . . _l . _‘<: :;Associates PC. An Estate Planning Law Firm Making a Difference One Family at a Time
  15. 15. mlrenstgm’ An Estate Planning Law Firm Making a Difference One Family at a Time You may assume that you should use a last will instead of a trust if you are not extraordinarily wealthy
  16. 16. nlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time In fact, you do not have to be wealthy to utilize a revocable living trust
  17. 17. No Loss Of Control
  18. 18. mlrenstgm’ An Estate Planning Law Firm Making a Difference One Family at a Time If you establish a living trust, you can act as the trustee and the beneficiary at first
  19. 19. Hlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time There is no loss of control of the assets, and you can revoke the trust if you ever want to take back direct personal possession of the resources
  20. 20. Jrmrfi J _iT Nirenstein, in Horowitz . . _l . _‘<: :;Associates PC. An Estate Planning Law Firm Making a Difference One Family at a Time
  21. 21. nlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time You name a successor trustee when you create the trust, and you also name successor beneficiaries
  22. 22. mlrenstgm’ An Estate Planning Law Firm Making a Difference One Family at a Time After you pass away, the successor trustee would be able to distribute assets to the beneficiaries outside of probate
  23. 23. Hlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time The exact time frame will depend upon the circumstances, but in many cases, the beneficiaries will begin to receive distributions in a timely manner
  24. 24. ‘rev ‘JT_iT Nirenstein, M Horowitz . . . l . _‘<: :;Associates PC. An Estate Planning Law Firm Making a Difference One Family at a Time
  25. 25. Hlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time There are other types of transfers that will take varying lengths of time
  26. 26. HlrenSt. $m' An Estate Planning Law Firm Making a Difference One Family at a Time For example, life insurance proceeds will usually be paid by the company quite promptly
  27. 27. Hlrenstfiln’ An Estate Planning Law Firm Making a Difference One Family at a Time A beneficiary would assume ownership of assets that remain in a payable on death account shortly after the death of the account holder
  28. 28. réurfi l 4 J _iT Nirenstein, in Horowitz . _l . _‘<: :;Associates PC. An Estate Planning Law Firm Making a Difference One Family at a Time . i: ‘i. :“i it l. ’ ii lfl_Zlfi_iil l l ; i i. l‘t: “:i 1 l <1 ui
  29. 29. Hlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time If you would like to discuss your estate planning objectives with a licensed professional,
  30. 30. Hlrenstfm’ An Estate Planning Law Firm Making a Difference One Family at a Time Contact us at your convenience to set up a consultation
  31. 31. Nirenstein Horowitz & Associates P. C. (860) 548-1000 www. preserveyourestate. net

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