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. 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.
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.
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. Is is possible to stay away from probate if you discuss options with your attorney first.
Durable Power Of Attorney In Beloit
The purpose of a power of attorney, is to have them identify who will be acting on your behalf. 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.
The decisions regarding your assets are still up to you until you become to disabled to do so. A durable POA makes any decisions regarding your finances should you find yourself in a situation that you cannot. 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
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. This is the best solution if something were to happen to you medically.
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
After assets are transferred into a revocable trust, continued management of your financial affairs is possible during your lifetime no matter what the situation. This includes when you are incapacitated, at your death and even for future generations. A revocable living trust allows assets to avoid probate, greatly reducing the chance personal information will become public record. This is a much more frugal way to organize everything.
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. Your net worth statement should include:
IRAs and other retirement plans, investments, and other taxable accounts
A good attorney will be able to take care of all of your estate planning needs.