By Ben Gettinger
Milford-Orange Probate Court
Ben Gettinger
If you pass away in Connecticut without a will, your assets get distributed in accordance with state statute, which is known as the laws of intestacy. For example, if you have a surviving spouse and children from the marriage, your spouse would get the first $100,000 and half of the balance and your children would split the remaining half balance.
A will allows you to control how your assets get distributed, with some limitations. Using the example above, you may want your surviving spouse to receive all of your assets, or you may want to give one child more than another. Similarly, you may want to leave something for your grandchildren, a charity or caregiver. Unless you have a will (or another estate planning vehicle), your assets will get distributed through the laws of intestacy and not in accordance with your other preferences.
In addition to potentially giving you the freedom of choosing how your assets get distributed, there may be other advantages to having a will in place. A will allows you to select the fiduciary of your estate, who will manage the estate throughout the probate process. The appointment of a fiduciary can sometimes be contentious if one or more individuals wants the role, so naming someone in your will can limit any arguments, as the court is generally required to appoint the fiduciary named in the will.
Your will can also give the fiduciary certain powers without the need for court approval. Such powers may include being able to sell or mortgage real property, which can save time and money and may allow the estate to enter into a transaction it may otherwise have missed if it needed to wait for court approval.
A will can also waive the need for a probate bond, direct how certain debts and expenses get paid and account for certain scenarios (such as leaving money to a child only if he or she graduates from college). In short, a well-written will can potentially reduce or negate disputes, limit the need for court intervention and approval, save time and money during the probate process and give you more control over how your assets get distributed.
Below are a few examples of how a will can potentially prevent or resolve certain issues:
Issue 1: You do not want your assets distributed through the laws of intestacy.
Potential solution: Use a will to distribute your assets in accordance with your preferences.
Example: I hereby leave my wife Rebecca and my children David and Cindy my entire estate in equal shares. I specifically omit my child Edward because he won the lottery and does not need my support.
Issue 2: You are worried multiple members of your family will want to be fiduciary of your estate.
Potential solution: Use a will to name a fiduciary and successor fiduciary.
Example: I hereby appoint Frank Martin as the fiduciary of my estate. If Frank Martin predeceases me, is incapable of serving as fiduciary or declines, I hereby appoint Dean Sinatra as the fiduciary of my estate.
Issue 3: You do not want your estate to incur the expense of a probate bond.
Potential solution: Use a will to waive the bond requirement.
Example: I direct that no fiduciary shall be required to file or furnish any bond.
As always, this column is for informational purposes only and is not legal advice. Its purpose is to simply illustrate the potential benefits of a will. The laws governing wills are complex and nuanced, so you should familiarize yourself with the applicable laws or consult a professional before drafting and executing a will, to make sure it is valid and actually accomplishes want you want it to accomplish.
Ben Gettinger is the judge of the Milford-Orange Probate Court.