 |
 |
 |
 |
 |
 |
 |
The orderly distribution of a person's assets upon their death to named beneficiaries, saving the greatest amount of taxes with the least amount of cost.
WHAT ESTATE PLANNING DOCUMENTS SHOULD I CONSIDER (WISCONSIN)?
There are five common documents that you should consider when compiling an estate plan.
1. Will - Allows for the orderly distribution of assets according to your wishes. In Wisconsin, if you do not have a will, your property will be dispersed in accordance with state law (Chapter 852) , which may not be what you desire. This becomes particularly complicated in situations where a person has children with more than one person, minor children or children with disabilities.
2. Durable Power of Attorney - Allows someone to carry on your financial affairs if you are unable to do so, without the need for a guardianship proceeding.
3. Power of Attorney For Health Care -
Allows someone to make your medical decisions if you are unable to do
so, without the need for a guardianship proceeding.
4. Marital Property Agreement - Defines
ownership of assets for tax and distribution purposes.
5. Revocable Trust - Allows for management of assets while you are still alive and for their distribution upon your death. This is used most often in larger estates.
WHAT ARE THE BENEFITS TO HAVING ESTATE PLANNING DOCUMENTS?
It allows you to name a guardian for your minor children in the event of your death.
It allows for a more complete plan of distribution in case of 2nd marriage or other unusual situations.
It allows for special provisions for persons outside the family and charities.
It allows a person to provide for persons with disabilities or special needs.
It provides savings in larger estates.
It avoids the need for a guardianship with regard to financial and health care matters.
It allows you to make your own choices regarding your quality of life.
DOES IT MAKE SENSE TO USE AN ATTORNEY? IS IT EXPENSIVE?
Only an attorney who regularly practices in the fields of wills, trusts, probate and estate planning is able to provide you with really sound legal advice as you put your estate plan into place.
When you speak with an attorney, you can get answers to your questions -- including how much it would cost. Often the expense incurred in retaining an attorney to prepare and help you put an estate plan into place is worth hundreds of times what you and your family would pay with no planning or poor planning.
