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.
A will basically says what and how all of your belongings are given to whomever you decide. 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.
The next step is to pick the person who you would like to represent you when it comes time to distribute your assets and pay any taxes or any other expenses that may exist. Another reason that many people have a will is to name someone as a gaurdian for their children.
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. 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. Your agent, or power of attorney, will only have the authority that you give them.
Commonly, until you are not able to make decisions, your power of attorney will be be at play. The durable power of attorney continues during incapacity as a financial management safety net. If you have this document, it saves others time from having to go sit at a courthouse all day. Once you pass, the durable power of attorney does not exist.
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
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. Even after you pass, and other generations have passed, this trust will still be relevant. You will be able to keep your personal information more privateif you have a revocable living trust. 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 great way to start this process is to create a Net Worth Statement. Your net worth statement should include:
IRAs and other retirement plans, investments, and other taxable accounts
A qualified estate planning attorney can help you create a personal Net Worth Statement containing all of the detail you will need.