Estate planning consists of some different documents that an estate planning attorney can help you take care of.
What is used to seperate your remaining assets in the way that you would like them seperated is called your will. 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.
You will designate an Executor (your personal representative) to pay any remaining expenses and taxes, and oversee the distribution of your assets. Another reason that many people have a will is to name someone as a gaurdian for their children.
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. 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. It is typical for agents to be able to move assets around as they see fit as long as you designate them to do that.
The decisions regarding your assets are still up to you until you become to disabled to do so. 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. 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
It is necessary to have a durable POA for healthcare in the event that you become too ill to make decisions. This is the best solution if something were to happen to you medically.
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. Even after you pass, and other generations have passed, this trust will still be relevant. 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 will ensure that everything is organized, everyone knows their purpose, and you can rest easy knowing all of your things are well taken care of.
A good first step in estate planning is creating a complete and detailed Net Worth Statement. Your net worth statement should include:
Tax-deferred accounts (IRAs, annuities, retirement plans)
Life insurance investments.
A qualified estate planning attorney can help you create a personal Net Worth Statement containing all of the detail you will need.