Estate planning consists of some different documents that an estate planning attorney can help you take care of.
Your will provides specific instructions for the distribution of your assets. Your estate planning attorney can help you detail your wishes exactly so there are no questions about your intent.
You will then have to decide who will seperate your belongings and take care of any unfinished business when you go. And, if you have minor children, a will is the only a way to name a guardian for them.
When someone passes, they are put into what is called probate court. A downfall to probate court, even though it makes distribution of everything simple, is that it can cost a lot of money. 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 power of attorney will typically have the ability to do what they wish with your assets, but only if you give them that power.
Commonly, until you are not able to make decisions, your power of attorney will be be at play. 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. 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. 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
You can still make financial decisions with your assets with a revocable trust. A revocable trust lasts for a long time no matter what the circumstances. You will be able to keep your personal information more privateif you have a revocable living trust. A typical living trust is less expensive to create versus the cost of probate.
If you want to make the transition of life to death easier for those you love, go ahead and start planning you estate.
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
If you are searching for help to get you estate planned out, go ahead and reach out to an attorney.