If you live in Walworth County, you should consult with an estate planning lawyer to help with your estate plan. The estate planning attorney can help you create
You may ask: What is estate planning? It is the process of looking at all of your assets and then deciding how you want those assets distributed to your family through gifting now or through inheritance after you die.
As part of this process, you should always consult with an attorney or estate planning law firm who is familiar with inheritance planning law.
Resident in Walworth County should have at least three documents essential to good estate planning:
1. a Will
2. a POA for Health Care, and
3. a POA for Property and Finance
Preparing a will is not a complicated process. You can find sample wills on the internet or in the Wisconsin state statutes. However, when creating a will, you must be careful that the will addresses your particular financial and family situation. Most basic
You should have a personal will prepared for you by a competent inheritance planning attorney. Your last will and testament is an important document. Drafting a Will should always be done with the help of an estate planning lawyer. The will you create will allow you to direct who your heirs are and how your heirs will inherit your estate after your death. Having a lawyer draft a simple will is not expensive. What is expensive is dying intestate (which means dying without creating a will). There can be
When you become involved in the process of writing a will, it may become evident that establishing a trust or several trusts will benefit your estate plan. Depending upon the size of your estate in Walworth County, a trust may help you avoid or reduce inheritance tax also known as death taxes. There are several types of trusts that can be established including a family trust, revocable trust, irrevocable trust
You may have heard of the term, living will. What is a living will? It is not a will since it does not convey assets. A living will is a document which gives an agent of your choosing the right to take
A Financial Power of Attorney allows your named agent to sell
After you are deceased, your Will must be put through probate. You may ask: What is probate? The probate procedure involves a probate court with a judge who makes sure that your wishes for the distribution of your assets after your death as set forth in your Will are followed by your personal representative applying probate law. A probate attorney, who can be the same attorney who created your estate plan, can help the personal representative probate a will. This probate process includes the distribution of the assets, filing of any required tax returns, transfer of probate real estate in Walworth County, transfer of personal property such as automobiles, boats, etc., payment of your creditor bills and distribution of specific bequests set out in your last will. This probate process is the reason you should create a will. Making a will prevents the situation where the distribution of your assets will be through the succession standards set out in the state statutes in the event you die intestate.
Those statutes may not provide for the distribution of your assets in the names that you desire. Therefore, preparing a will is essential to having your assets inherited by the family members, persons or charities you prefer. Will writing may be simple or complicated depending upon your own family and personal situation. You should engage an estate planning lawyer and when the time comes your family should engage a probate attorney to help with the entire process for your own piece of mind.
In short, if you live in Walworth County, WI you should think about having a will.
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