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 to 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.