June 28th, 2016
Make sure you fully understand the purpose of each document that is drafted when you speak with an attorney about you estate plan.
The purpose of a will is to make sure your assets fall into the hands of the people that you want them in. Since sometimes a will’s meaning can get lost in translastion, having an attorney assist you, will cut out any confusion.
In the event that you’ve got taxes that need to be paid, or you need someone to distribute your valuables, you will need to pick an executor. As hard as it is to think about, it is important to have a will if you have kids so that they will know exactly who their gaurdian is should something happen.
When someone passes, they are put into what is called probate court. Probate is an orderly way to transfer your assets after you die. However, probate can be very expensive and time consuming. By speaking with your lawyer, you can come up with the best way to handle your death.
Durable Power Of Attorney In Beloit
When you go, your power of attorney lets people know who will be making the decisions regarding your assets. The power of attorney will typically have the ability to do what they wish with your assets, but only if you give them that power.
It is not typical for a durable power of attorney to be making decisions if you are up and able to do those things. In order to maining your financial regularity, it is important to have a power of attorney to make sure it all gets taken care of if you are not able to. This document negates the need for having to have anyone sit in court and have a guardian appointed for you estate. Your death will cease all power that your durable POA has.
Health Care Power Of Attorney In Beloit
It is necessary to have a durable POA for healthcare in the event that you become too ill to make decisions. Having this power of attorney will get rid of any confusion, and your decisions will be made by someone with whom you trust your life because you will be choosing that person.
Living Will In Beloit WI
Having a power of attorney on healthcare can mean that, even if you are terminal, all of the best decisions will be made.
Revocable Living Trust In Beloit
A revocable trust means that you can still manage everything while you are living. A revocable trust lasts for a long time no matter what the circumstances. A revocable trust is one way to stay out of probate, which will also keep a lot of your info private. Probate usually costs more than having a living trust.
If you want to make the transition of life to death easier for those you love, go ahead and start planning you estate.
In order to get the ball rolling, start working on a net worth statement. All of your assets should be ubf tge statement:
IRAs and other retirement plans, investments, and other taxable accounts
If you are searching for help to get you estate planned out, go ahead and reach out to an attorney.