When you meet with an estate planning attorney, the following documents will be discussed and it will be important for you to understand what they are and how they fit into the estate planning process.
Your will provides specific instructions for the distribution of your assets. So that there is no confusion when the time comes, it is important to speak with an attorney when you are coming up with your will.
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.
After your death, your will must be filed in probate court. A downfall to probate court, even though it makes distribution of everything simple, is that it can cost a lot of money. There are ways to get around probate’ you just need to speak with your attorney.
Durable Power Of Attorney In Beloit
Someone will need to let others know who is in charge of your things; and that is where power of attorney comes into play. 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.
It is not typical for a durable power of attorney to be making decisions if you are up and able to do those things. Sometimes things happen and we are still around…which is where the durable power of attorney comes in. If you have this document, it saves others time from having to go sit at a courthouse all day. A durable power of attorney terminates upon your death.
Health Care Power Of Attorney In Beloit
There is another power of attorney in the healthcare area that will allow someone to make decisions on your behalf in the event that you are not coherent enough to do so yourself. By having a POA of healthcare, you are making it easier for decisions to be made when they need to be.
Living Will In Beloit WI
Should you have a terminal health condition, a health care power of attorney conveys your intentions relative to using life-sustaining measures.
Revocable Living Trust In Beloit
A revocable trust means that you can still manage everything while you are living. Even after you pass, and other generations have passed, this trust will still be relevant. A revocable trust is one way to stay out of probate, which will also keep a lot of your info private. Typically, this trust will save more money than going into 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. The statement should list all of your assets, including –
Tax-deferred accounts (IRAs, annuities, retirement plans)
Life insurance investments.
Call an experienced estate planning attorney to get the assistance you need.