It's Time to Think About Your Assets
Estate planning consists of some different documents that an estate planning attorney can help you take care of.
Will
The purpose of a will is to make sure your assets fall into the hands of the people that you want them in. 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. And, if you have minor children, a will is the only a way to name a guardian for them.
Probate court is where all of your personal info is stored when you first pass. If you don't want people to spend a fortune after you go, probate court may not be the best option. By speaking with your lawyer, you can come up with the best way to handle your death.
Beloit probate attorney
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.
Commonly, until you are not able to make decisions, your power of attorney will be be at play. Sometimes things happen and we are still around...which is where the durable power of attorney comes in. 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
It is necessary to have a durable POA for healthcare in the event that you become too ill to make decisions. A durable power of attorney for health helps avoid conflicts within your family as well as potential court intervention if you are not able to make your health care decisions on your own.
Living Will In Beloit WI
This is the best way to ensure that your best interests are always going to be out first.
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. If you are wanting to stay away from probate when you pass, having this type of trust will do you a lot of good. Probate usually costs more than having a living trust.
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. The statement should list all of your assets, including -
Taxable accounts
Tax-deferred accounts (IRAs, annuities, retirement plans)
Life insurance investments.
A good attorney will be able to take care of all of your estate planning needs.











