Wisconsin Rapids, Wisconsin
110 E. Grand Ave. Suite 130
Wisconsin Rapids, WI 54494

What Every Person Needs to Know About Estate Planning October 24, 2017

Wisconsin Rapids, Wood
What Every Person Needs to Know About Estate Planning, Wisconsin Rapids, Wisconsin

While estate planning is important for individuals of all ages, most are in the dark about what it entails and how to go about it effectively. Alan A. Panek Law Office, S.C., in Wisconsin Rapids, explains that having the right information is crucial to ensuring your document is comprehensive and valid. Below, he answers some common questions clients ask to clarify the process and its components.

4 Estate Planning FAQs

1. What Is a Power of Attorney?

If you are incapacitated by illness or injury, someone will need to oversee your financial and medical affairs. To this end, a power of attorney is a document that stipulates who is responsible for making these decisions, as well as how much leverage the person has in the decision-making process.

2. What Is a Living Trust?

A living trust is just one of many estate planning tools you can use when preparing your affairs. Property and assets are passed over into the trust during the creator’s lifetime, and a trustee is appointed to oversee affairs once the creator is deceased. Additionally, an irrevocable trust can offer tax relief.

3. What Do I Need to Create a Will?

There are numerous aspects toestate planning consider when creating a will. For instance, you’ll need to determine the worth of your assets and devise how you wish to disperse them, designate an executor, and name guardians for any minor children in your care. Though you can create a will on your own, it’s recommended that you work with an experienced attorney to ensure the document is legally binding.

4. What Is an Advance Medical Directive?

An advance medical directive — also known as a living will — provides instructions on how health care should be administered should you become incapacitated or suffer from a terminal condition. You can include provisions regarding treatments, as well as how much should be done to preserve your life.

If you have any other estate planning questions or need assistance preparing your documents, turn to Alan A. Panek Law Office S.C. He will provide quality legal counsel every step of the way and work to protect your best interests. Schedule your consultation by calling (715) 421-4900 today. For a complete list of practice areas, visit him online.

Other Announcements, Events and Deals from Alan A. Panek Law Office, S.C.
Love the Property You're Currently Renting? How to Buy It, Wisconsin Rapids, Wisconsin
If you’ve fallen in love with the property you’re currently renting, it’s only natural to think about buying it. Perhaps it’s the perfect home for your family to grow into, or it’s i...read more
4 Common Estate Planning Mistakes to Avoid, Wisconsin Rapids, Wisconsin
Everyone, regardless of age and financial status, should protect their assets and loved ones with a well-crafted estate plan. However, even the best efforts at preparing for the...read more
How to Include Your Stepchildren in Your Will, Wisconsin Rapids, Wisconsin
As time goes on, blended families become more and more common, leading stepparents to develop bonds with their spouse’s children and vice versa. If you’ve become close to your s...read more
Why You Should Hire an Estate Planning Attorney to Write Your Will, Wisconsin Rapids, Wisconsin
Books, websites, and online estate planning services often make preparing a will seem like a project that can be easily handled without an attorney. However, the process can be decep...read more
Why You Need a Real Estate Attorney When Buying or Selling a Home, Wisconsin Rapids, Wisconsin
There is a great deal of money at stake for both parties involved in the purchase and sale of a home, so if you’re buying or selling property, you don’t want to leave anything t...read more