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Jun

Make sure you fully understand the purpose of each document that is drafted when you speak with an attorney about you estate plan.

Will

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.

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.

When someone passes, they are put into what is called probate court. If you don’t want people to spend a fortune after you go, probate court may not be the best option. There are ways to get around probate’ you just need to speak with your attorney.

Beloit trust attorney

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.

It is not typical for a durable power of attorney to be making decisions if you are up and able to do those things. The POA needs to be there to clean up any messes in the event that you are not able to. This document typically avoids the need to go to court to have a guardian appointed for your estate. 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. 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

The benefit of having a Revocable Living Trust is that nothing is set in stone…should you decide you want to change something, you can. A revocable trust lasts for a long time no matter what the circumstances. 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.

If you want to make the transition of life to death easier for those you love, go ahead and start planning you estate.

A great way to start this process is to create a Net Worth Statement. The statement should list all of your assets, including –

Taxable accounts

Tax-deferred accounts (IRAs, annuities, retirement plans)

Life insurance investments.

If you are searching for help to get you estate planned out, go ahead and reach out to an attorney.