July 12th, 2016
Estate planning consists of some different documents that an estate planning attorney can help you take care of.
The purpose of a will is to make sure your assets fall into the hands of the people that you want them in. The reason you want an attorney when you are drawing up a will is to make sure that everything will be clearly understood in the event of your passing.
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. If you have children, it is important to have a will so that they will be taken care of if something happens to you.
Probate court is where all of your personal info is stored when you first pass. Probate is nice because it keeps everything organized, but it can get pricey and take a while to get through. An estate planning attorney can discuss with you ways to avoid probate.
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 latitude you give your agent can be very broad or very limited. Your agent will usually be able to do nearly anything with your assets including sell, invest and spend them.
Traditionally, the durable power of attorney ends upon will not activate until you become disabled. Sometimes things happen and we are still around…which is where the durable power of attorney comes in. If you do not have a durable power of attorney, any people associated with your affairs may have to have a guardian appointed to your finances in court. A durable power of attorney terminates upon your death.
Health Care Power Of Attorney In Beloit
If something were to happen to you medically, and you could not make decisions, you would need a durable power of attorney for your health care. This is the best solution if something were to happen to you medically.
Living Will In Beloit WI
If you have a condition that is terminal, this will ensure that everything possible will be done to keep you alive.
Revocable Living Trust In Beloit
You can still make financial decisions with your assets with a revocable trust. This includes when you are incapacitated, at your death and even for future generations. If you are wanting to stay away from probate when you pass, having this type of trust will do you a lot of good. A typical living trust is less expensive to create versus the cost of probate.
Estate planning is one of the most important things you can do for your family because it organizes your assets, eliminates confusion, saves your estate money by avoiding probate and as a result maintains privacy.
A net worth statement is where you should start you eststa planning. Don’t leave any of your assets out of your net worth statement.
Any taxable accounts
Non taxable accounts
Investments in life insurance
Investments, retirement, and taxable accounts
A good attorney will be able to take care of all of your estate planning needs.